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Technical Positional Pick - Buy JTEKT India Limited For Target Rs. 98- HDFC Securities 

Observation:

The down trend of the last 3-4 months in this stock price (Jtekt India Ltd) seems to have reversed on the upside sharply in this week.

The stock price has witnessed an upside breakout of the minor consolidation and also a resistance of down sloping trend line at Rs 85-86 levels, as per weekly chart.

We observe a formation of consistent higher bottoms. The recent swing low of Rs 80.05 of later April could be considered as a new higher bottom of the sequence. Hence, one may expect continuation of upside momentum in the short term

Volume has started to expand and the weekly 14 period RSI is making an attempt to move above 60 levels. This is positive indication.

The overall chart pattern of JTEKTINDIA indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy JTEKT India Limited. Up to 3 months @ Buy between 89-83 CMP 88 TGT 98 SL 80.50

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