The short-term outlook for Jammu & Kashmir Bank is bullish. The 3.7 per cent rise on Tuesday has taken the share price well above ₹108 – a key resistance. The region between ₹108 and ₹107 will be a very good support zone which can limit the downside. Fresh buyers can come into the market at lower levels. Moving average crossovers on the daily chart also strengthens the bullish case. Jammu & Kashmir Bank share price can rise to ₹120 in the coming weeks.
Traders can go long now at ₹111. Accumulate on dips at ₹109. Keep the stop-loss at ₹105. Trail the stop-loss up to ₹113 as soon as the stock goes up to ₹115. Move the stop-loss further up to ₹115 and ₹116 when the price touches ₹117 and ₹118, respectively. Exit the long positions at ₹120.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)