The short-term outlook is bullish for JSW Energy. The stock price has surged over 7 per cent so far this week. Immediate resistance is at ₹464. But the strength of the price action on the charts keeps the chances high for the stock to breach this hurdle. Moving average cross over on the daily chart also strengthens the bullish case indicating limited downside from here.
As such a break above ₹464 can take JSW Energy share price up to ₹515 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹442. Stop-loss can be kept at ₹420 initially. Trail the stop-loss up to ₹463 as soon as the stock moves up to ₹475. Move the stop-loss further up to ₹485 when the share price touches ₹495. Exit the long positions at ₹510.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)