Long-term investors can buy into this counter with a stop below Rs 305 on a closing basis.
Interestingly, JBM Auto started to rally last year from the lows of Rs 259 in July 2017 and in the next couple of months it registered a major top around Rs 629 in September 2017.
Since then it has given up all the gains and appears to be testing its critical averages on the long-term charts.
Hence, long-term investors can buy into this counter with a stop below Rs 305 on a closing basis. In case if a fresh leg of rally unfolds from current levels after consolidation then a target around Rs 409 can be expected over a period of time.