Todays Pick

JSW Energy (₹66.9)

Gurumurthy K | Updated on January 09, 2018

The short-term outlook for the stock of JSW Energy is bullish. Short-term traders can consider buying the stock at current levels. The stock has been broadly in a prolonged sideways range between ₹60 and ₹73 since the beginning of this year. Within this range, the stock made a low of ₹60.55 last week on Wednesday and has reversed sharply higher from there. It has surged over 10 per cent from this low and currently poised around the mid-point of the broader sideways range.

The sharp rally over the last couple of days indicates that the sideways range is intact. This increases the possibility of the stock rallying to ₹70 and ₹73 — the upper end of the range in the coming days. Intermediate support is at 65 where both the 55- and 100-day moving averages are poised. An immediate fall below this support is less likely as dips to ₹65 may find fresh buyers coming into the stock.Short-term traders can go long. Stop-loss can be placed at ₹64.5 for the target of ₹71. Revise the stop-loss higher to ₹68 as soon as the stock moves up to ₹69.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on August 28, 2017

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