Investors with a short-term perspective can consider buying the stock of Jammu & Kashmir Bank at current levels. After a steep fall in the month of February and March, the stock found support at around Rs.95 in late March. Taking support at Rs.95 in early May, it started consolidating sideways in a wide range between Rs.95 and Rs.118. The medium-term trend has been sideways since February.
On Thursday, the stock rose 3.8 per cent, breaching an immediate resistance at Rs.105 as well as its 21- and 50-day moving averages. With this rally, the stock now holds the potential to extend its up move and reach the upper boundary in the short term. The daily relative strength index has entered the bullish zone from the neutral region. The moving average convergence divergence indicator has signalled a buy. The short-term outlook is bullish. The targets are Rs.114.5 and then Rs.117 levels. Buy the stock with a stop-loss at Rs.107.5.
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