Technical Stock Idea - Buy Jindal Steel & Power Ltd For Target Rs.580 - Monarch Networth Capital
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Jindal Steel & Power Ltd
Prices are in consolidation since 10 th oct 2021 till date and breakout from this sideways range will get confirmation once prices are able to penetrate downward sloping resistance line (marked with red color) above 445 level. 100EMA (marked with black color) has witnessed consistent positive move even in the sideways move which indicate inherent strength in the price.
Momentum oscillator “Moving Average Conversion Divergence” (MACD) has given positive crossover and sustaining above Zero level. Which indicates early sign of progress in momentum.
Recommendation is to buy on confirmation above 445 level keeping SL at 325 which is 100EMA and target at 550 – 580 levels with 4–6-month time horizon.
Buy : Jindal Steel & Power Ltd: CMP: 423 SL: 325 TARGET :- 580 TIMEFRAME: 3-6 MONTHS
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