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Jindal Saw’s stock price has been appreciating steadily since early 2023. It began the rally by taking support at ₹100. The uptrend is intact. Substantiating this, the stock broke out of a resistance at ₹405 early this week. It then extended the upside and made a record high of ₹453.8 on Wednesday.
But then, the price moderated where the stock ended at ₹435.2 on Wednesday. However, the price action hints at a rally and the stock price of Jindal Saw could hit ₹460 before the end of this week. Hence, we recommend buying shares of Jindal Saw now at ₹435 and accumulate if the price dips to ₹420. Place stop-loss at ₹412. When the stock price touches ₹445, modify the stop-loss to ₹435. Book profits at ₹460. Refrain from trading if the stock opens below ₹420.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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