Weekly Technical Outlook and Picks : Jindal Steel & Power Ltd, Torrent Pharmaceuticals Ltd, One 97 Communications Ltd - Axis Securities Ltd
Jindal Steel & Power Ltd
Buy Jindal Steel & Power Ltd CMP 1000 @ 985-967 Stop loss: 927 Upside: 10%–14%
* JINDALSTEL registered a decisive breakout above the falling channel at 978 on a weekly chart, marked by a strong bullish candle, signalling the end of the corrective phase and the start of a new uptrend.
* The stock continues to display strength, forming a higher high–higher low structure on the weekly chart, confirming sustained bullish momentum.
* The weekly RSI has crossed above its signal line and broken out of a downward-sloping trendline, further validating the bullish breakout and reinforcing the positive undertone.
* With rising volumes accompanying the breakout, the stock is well-positioned to extend its upward trajectory.
* Analysis indicates an upside toward 1,070 -1,110 levels. * The holding period is 3 to 4 weeks.
Torrent Pharmaceuticals Ltd
Buy Torrent Pharmaceuticals Ltd CMP 3604 @ 3585-3515 Stop loss: 3385 Upside: 9%–12%
* TORNTPHARM broke out of a Rounded Bottom pattern at 3,553 with a strong bullish candle, signalling the continuation of its medium-term uptrend.
* A close above the upper Bollinger Band has triggered a fresh technical buy signal, reinforcing the strengthening bullish bias.
* Momentum indicators remain supportive, with the weekly RSI holding firmly above 50 and its signal line sloping upward — confirming rising positive momentum.
* A sustained move above recent swing highs could pave the way for a sharp rally in the coming weeks.
* The above analysis indicates an upside toward 3,885-3,990 levels. * The holding period is 3 to 4 weeks.
One 97 Communications Ltd
Buy One 97 Communications Ltd CMP 1068 @ 1045-1025 Stop loss: 985 Upside: 10% –14%
* PAYTM has broken above a key multiresistance zone near 1,068 on the weekly chart, reinforcing the continuation of its medium-term uptrend.
* The breakout is backed by elevated volumes, indicating strong market participation and adding conviction to the move.
* The stock is trading decisively above all major moving averages (20, 50, 100, and 200-day SMAs), reflecting robust underlying strength.
* Further boosting the outlook, the weekly RSI stays above its signal line, confirming positive momentum and a sustained bullish tone.
* Analysis indicates an upside toward 1,135-1,185 levels. * The holding period is 3 to 4 weeks.
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