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JBM Auto’s stock began its latest leg of uptrend in December last year after taking support at ₹400. While it had been gaining steadily since the beginning of this year, hit a resistance at ₹1,500 in July this year. A couple of attempts made by the stock since early July to rally past the ₹1,500-mark a failure. However, on Monday, it closed above this level, and this is likely to induce fresh bullish momentum into the stock.
The price action hints that JBM Auto will probably rally on Tuesday. Therefore, traders can consider buying the stock of JBM Auto for intraday at the current level of ₹1,539. Accumulate in case the price softens to ₹1,515. Target and stop-loss can be at ₹1,600 and ₹1,490 respectively.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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