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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 ₹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 ₹70; this level later turned into a significant support level. The stock’s recent corrective decline took support at ₹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 ₹81.5 and ₹83 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹76.7.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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