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The short-term outlook for the stock of Jindal Steel & Power is bullish. Significant support is in the ₹485-₹480 region. Below that the level of ₹470 is the next important support. The price action since the beginning of this week indicate that the stock is getting strong buying interest in the ₹485-₹480 region. This keeps the chances high of the stock staying above ₹480 in the coming days.
There is a strong likelihood of the stock rallying to ₹560 in the next two-three weeks. Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹490 if seen. Stop-loss can be placed at ₹475. Trail the stop-loss up to ₹518 as soon as the stock moves up to ₹533. Move the stop-loss further up to ₹538 as soon as the stock touches ₹548 on the upside. Book profits at ₹558. The level of ₹560 is a strong medium-term trend resistance which can cap the upside. The chances of the stock reversing lower from this resistance level is high. As such traders will have to look to exit the stock near ₹560 as mentioned above rather than waiting for more higher levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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