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On a weekly chart, the stock has confirmed a Bullish Flag Pattern breakout at 136 levels in May’21, since then the prices have been consolidating in the higher territory and making Higher Highs & Higher Lows formation, which indicates a bullish strength in the prices. Recently, the stock has moved above the prior wing highs after a long consolidation, which indicates a further breakout in the counter. Moreover, the price has shifted above upper Bollinger Band formation and 50 SMA that suggests a bullish presence for the near term. On the daily timeframe, the price has given Channel breakout with higher volume activity, which suggests a bullish momentum in the stock.

In addition, the daily price has traded above upper Bollinger Band and Ichimoku Cloud formation and also shifted above 100-days SMA, which supports the bullish trend for the longterm.

Amomentum indicator RSI (14) & Stochastic have suggested positive crossover on the daily as well as a weekly chart, which adds more bullishness to the price.

Hence, based on the above technical structure one can initiate a long position in JKTYRE at CMP 169 or a fallin the price till 165 levels can be used as buying opportunity for the upside target of 190-200 while the support is placed at around 150 or 145 levels so a stop loss of 145 should be placed at lower levels.

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