Rajesh Palviya Axis Securities
On the daily chart, Jindal Steel & Power price has formed an "Ascending Triangle" breakout. This breakout is accompanied with a huge spurt in volumes which supports bullish sentiments ahead.
The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in the positive terrain which supports upside momentum to continue in the near-term.
The stock is well placed above its 20, 50 and 100-day SMA which supports the bullish sentiments ahead. It can be bought in the range from Rs 230-225.
Disclaimer: The author is Head, Technical and Derivatives at Axis Securities. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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