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The stock of JK Tyre & Industries jumped 5 per cent accompanied by extraordinary volume, breaking above a key resistance at ₹78 on Thursday.
In August 2019, the stock took support at ₹55 and changed direction. The stock resumed its uptrend in early December after taking support at ₹70. The stock had decisively breached its 50- and 200-DMAs last week and currently trading well above them.
The short-term outlook is bullish for JK Tyre & Industries. It can extend the uptrend and reach the price targets of ₹86 and ₹87.5 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹80.5.
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