IGI Logo

Technical Observations

* The share price of Jindal Stainless has witnessed strong buying demand from the support area of | 130 being the 50 % retracement of June-July up move(|91—168) coinciding with the previous major breakout area signaling resumption of uptrend and fresh entry opportunity 

* The stock on Monday session has registered breakout from falling trend line joining highs of July (|168) and August (|157) signaling strength. Going ahead we expect the stock to endure its current up move and head towards its July 2021 high of | 168 in the coming weeks

* The key point to highlight is that the stock has held above its 50 day SMA since April 2021 has acted as strong support, suggesting inherent strength.

* The breakout from trend line was accompanied by strong volumes of 2.6 times its average 200 day volume of 27 lacs share per day highlighting larger participation in direction of trend

* The daily 14 periods RSI has generated bullish crossover recently above its nine periods average thus validates positive bias

Buy Jindal Stainless Limited @ 154.00-158.00 TGT 168 SL 149

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer