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The stock of Jammu & Kashmir Bank gained 3.8 per cent with good volume on Wednesday, breaching the key resistance around ₹76. Since taking support at around ₹57 in November and December, the stock has been on a medium-term uptrend. While trending up, the stock emphatically breached a key resistance as well as the 200-DMA in early February. The stock is trading well above its 50- and 200-DMAs.
Following a sideways movement, the stock appears to have resumed its uptrend on Wednesday. The daily as well as weekly relative strength index has entered the bullish zone from the neutral region backing the uptrend.
The short-term outlook is bullish for the stock. It can continue to trend upwards in the upcoming trading sessions and reach the price targets of ₹81 and ₹82.5. Traders with a short-term view can buy the stock with a stop-loss at ₹76.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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