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The outlook for Jindal Saw is bullish. The stock surged 4 per cent on Monday and closed at the 200-day moving average at ₹53. The stock was moving within a bull channel since February and was hovering around the channel resistance at ₹51 for more than a week. Monday’s sharp rise has taken the stock well above this resistance.
There is strong support for the stock between ₹51 and ₹50. The possibility is high for a rise past the 200-DMA resistance level in the coming sessions. The next target will be ₹60.
Traders with a short-term perspective can go long. Stop-loss can be placed at ₹49 for a target of ₹60. Revise the stop-loss higher to ₹55 as soon as the stock moves up to ₹58. The outlook for the stock will turn negative only if it declines below ₹50. The ensuing targets on such a fall will be ₹47 and ₹45. However, price action on the charts leaves little chance of a decline below ₹50 in the near term.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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