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The stock of JSW Energy witnessed a sluggish open in the current year. It was moving within the price range of ₹67 and ₹78 during the first couple of months. However, in early March, the stock broke out of the upper band of the range i.e., ₹78 following which the scrip established robust uptrend.
There was no looking back post the breakout and the stock continued to rally in the ensuing months and reached ₹250 by the end of July. It then started to lose momentum and was on a gradual decline in August and reached ₹215. Nevertheless, this level acted as a good support against which the stock bounced.
The recovery continued and on Monday this week, the stock rallied past the resistance at ₹250 and it hit a fresh all-time high of ₹268.5 on Tuesday. Although there was a minor price drop after hitting the high, the resistance at ₹250 stands breached and the price action hint at further rally. Hence, traders can buy with stop-loss at ₹248; target at ₹264.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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