Stock Idea - Jindal Stainless Limited By Choice Broking
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Ona weekly chart, the stock has given breakout of Cup & Handle Pattern at 162 levels as well as on a daily time frame, the stock has given break out of ascending triangle formation at 307 levels and continue to trade with positive bias.
On a monthly Chart, the stock has given a breakout of its all-time high at 252.40 on 22nd July 2021 and continue to trade higher, which points out that bulls are active
Additionally, the price has also moved above the upper leg of “Bollinger Band” which suggests a bullish rally will continue further in the near-term.
Moreover, the stock has moved above "Ichimoku Cloud" with a positive crossover between the conversion line and the baseline, which shows the upside movement in the counter
daily momentum indicator RSI and MACD both have shown positive crossover which adds more bullishness to the price.
As per the above technical parameters, we are expecting a bullish move in the stock for the target at 350-370 levels while on the downside, the support comes at 285/280 levels.
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