The stock of Jindal Saw surged 6 per cent with above average volume on Tuesday — decisively breaching its 200-day moving average. Investors with a short term perspective can buy the stock at current levels. Since bottoming out at a 52-week low of Rs.51 in early June, the stock has been on a medium-term uptrend. In late July, the stock conclusively broke through a key resistance at Rs.70; this level later turned into a significant support level. The stock’s recent corrective decline took support at Rs.70 (key support and uptrend line) and continued its uptrend.
The daily as well as weekly price rate-of-change indicators are in the positive territory, implying buying interest. The medium-term uptrend-line is intact. Outlook for the stock is bullish. The stock can extend its rally and reach the price target of Rs.81.5 and Rs.83 in the upcoming trading sessions. Buy the stock with a stop-loss at Rs.76.7
No comments:
Post a Comment