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Investors with a short-term perspective can consider buying the stock of Jindal Steel & Power at current levels. The stock was moving in a broad sideways consolidation between ₹240 and ₹300 since September 2013. It decisively broke out of this range this week. During the week, the stock has gained 10 per cent accompanied by good volume. The short-term trend is up for the stock since it reversed from the support at ₹240 in early May. While trending up, the stock emphatically breached its 50- and 200-day moving averages and is now hovering well above these levels.
The indicators on the daily chart are featuring in the bullish zone. Those on the weekly chart have entered the bullish zone from the neutral region indicating strength. Our short-term outlook is bullish on the stock. It can continue its rally and reach the price target of ₹342 and then ₹348 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹321.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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