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Technical Observations

* The stock has recently registered a breakout above a falling channel containing recent corrective decline signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to continue with its up move and head towards | 127 levels in the coming weeks being the 138.2% external retracement of its previous corrective decline (| 119- 100) placed at | 127 levels

* The stock has recently rebounded taking support at the rising 20 days EMA (currently at | 108) and the rising trendline support joining the highs of January 2021 (| 85) and May 2021 (| 97) as can be seen in the adjacent chart signalling a positive structure

* The breakout above the falling channel is supported by strong volume of more than three times the 200 days average volume of 21 lakhs share per day highlighting larger participation in the direction of trend

* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus validates positive bias

Buy Jindal Saw Ltd @ 113.00-117.00 TGT 127.00 SL 108.00

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