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Technical Observations

* The stock has witnessed a breakout from falling supply line joining highs of January 2020 (| 102) & January 2021 (| 85), signalling resumption of up move and offers fresh entry opportunity

* Structurally, it has witnessed a faster retracement of the last falling segment as 28 sessions decline (| 85 to 70) was completely retraced in just 11 sessions. A faster retracement in less than half the time interval highlights robust price structure

* The base of the recent consolidation is placed at the 200 days EMA (placed at | 70) indicating positive bias

* The daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias

* We expect the stock to continue with its current positive momentum and head towards | 93 levels as it the 161.8% external retracement of the previous decline (| 85 to 70) placed around | 93 levels

Buy Jindal Saw Ltd @ 80.00-84.00 TGT 93.00 SL 77.00

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