Rajat Bose of rajatkbose.com told CNBC-TV18, "In Jindal Steel & Power (JSPL) if you see the formation, right from the October low that was October 20 at Rs 127 and immediately after that there was a high of about Rs 173 this define the range for the next 4-5 months uptill yesterday. Yesterday it not only crossed 50-day moving average, it crossed 90-100 days and tested the 200-day exponential moving average which is located around Rs 199 or so. So, today once it takes out that Rs 200 level and go beyond the 200-day exponential moving average, I would say that it would actually give a major buy signal."
"Using the 14 RSI and the MACD what I tend to find out is that some medium-term buy signal. When I say that it has given a major medium-term buy signal these two oscillators indicate that there is enough strength developing and that is what is happening in JSPL. So people can buy it and the projection would be Rs 250 over the next couple of months if not a dash towards Rs 280-300 kind of level," he said.
"My disclosure is that I have recommended this stock to my clients to pick it in deliver base."
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