Midcap Medallion: Buy Jamna Auto Industries Ltd For Target Rs.135 - Religare Broking
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Jamna Auto Industries Ltd
* Jamna Auto is one of the consistent performers within the auto ancillary basket. It has been maintaining a steady uptrend since September 2020 and made a new record high at 133.15 in July 2022.
* It had a year-long corrective phase thereafter and retraced to the support zone of medium term moving average (100 EMA) on the weekly chart and formed a base.
* After the initial rebound, it formed a higher base above short term moving average (20 EMA) on the weekly chart and witnessed a breakout from the same now. The noticeable surge in volumes is adding to positivity. We thus recommend creating fresh longs in the mentioned range.
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