Stock of the week - Jindal Steel Ltd For Target Rs. 660 By GEPL Capital
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Observation
*The mid-term charts Jindal steel has been moving in a strong uptrend since March 2020.
* Since past 10-11 months the stock had been moving in a Symmetrical Triangle pattern.
* In the current week the stock has broken out of a 10-months long consolidation and formed a Bullish Marubozu candle on the weekly charts which indicates strong bullish undertone of the stock.
* The RSI indicator plotted on weekly scale has also broken above the 60 mark and is confirming the positive momentum breakout.
Inference & Expectations
* Jindal Steel has broken out of a long consolidation with increase in volumes.
* Going ahead the stock has the potential to continue its outperformance and move higher towards 610 (61.8% fib extension 62-501) followed by 660 (Symmetrical Triangle pattern Target).
* One can Buy JINDAL STEEL at current levels for the target of 610 and 660 with a strict stop loss of 480 on closing basis .
Jindal Steel Ltd : LTP : 529.65 Target: ₹660 Stop Loss : 480
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