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Investors with a short term perspective can buy the stock of Jindal Steel & Power at current levels. Following a short-term corrective decline in late August and September this year, the stock found support at ₹160 in late September. Subsequently, the stock changed direction, triggered by positive divergence in the daily relative strength index.
Since late September, the stock has been in a medium term uptrend. In early November, the stock had decisively breached the 21 and 50-day moving averages and it trades well above these moving averages.
On Thursday, the stock jumped 6.2 per cent accompanied by above average volume, breaking above a key medium term resistance at ₹240.
Both the daily and the weekly relative strength indices are featuring in the bullish zone backing the uptrend. Moreover, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
Overall, the short-term outlook is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹260 and ₹265 in the coming trading sessions.
Traders can buy the stock with a stop-loss at ₹244.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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