Buy JSW Energy Ltd for the Target Rs.630 by Choice Broking Ltd
JSW Energy Ltd
Buy JSWENERGY @ 550 with a target of 630 and a stop loss at 510
JSW Energy Ltd. is currently trading at Rs.550 and is on the verge of a breakout from an Ascending Triangle pattern on the daily time frame. This is a classic bullish continuation pattern, and its formation is supported by consistent trading volumes, indicating strong accumulation and growing strength in the prevailing trend. A breakout from this consolidation zone can potentially unlock significant upside in the near term.
The momentum indicator RSI is currently at 64.20, having recently broken out from the oversold zone, which further strengthens the bullish sentiment. Additionally, the stock is trading comfortably above its 200-day EMA, a key long-term moving average that adds further confirmation to the positive bias. These technical signals combined suggest that the stock is gaining momentum and may continue its upward trajectory
A decisive move above the Rs.560 level could act as a trigger for the next leg of the rally, potentially pushing the price towards the target of Rs.630. Traders looking to enter at current levels can consider placing a prudent stop loss at Rs.510 to manage risk effectively. Given the overall technical setup and improving market sentiment, JSW Energy presents a compelling opportunity for short- to medium-term gains.
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