The short-term outlook for theJindal Stainless stock is bullish. The stock indicates the beginning of a fresh leg of upmove with immediate support at ₹238, and the next at ₹230.
Jindal Stainless can rally to ₹290 over the next two-three weeks or even earlier than that.
Short-term traders can buy Jindal Stainless in three tranches. Buy 50 per cent of the intended amount at current levels, another 30 per cent at ₹239 and the balance 20 per cent at ₹232 with the average entry level at around ₹240. Keep the stop-loss at ₹228. Trail the stop-loss up to ₹254 when the stock rises to ₹268. Move the stop-loss further up to ₹272 when Jindal Stainless touches ₹282. Book profits at ₹288.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)