The upmove is gaining momentum of Jubilant Ingrevia. The stock surged over 7 per cent on Wednesday breaking above the key 200-Day Moving Average, currently at ₹455. The region between ₹460 and ₹455 will now act as a good resistance-turned-support zone.
Moving average cross overs on the daily chart strengthens the bullish case. It indicates that any dip could be limited and short lived. Jubilant Ingrevia share price can target ₹540-545 over the next three-four weeks or even earlier than that. Traders can go long now. Accumulate on dips at ₹465. Keep the stop-loss at ₹440. Trail the stop-loss up to ₹485 when the price moves up to ₹495. Move the stop-loss further up to ₹510 when Jubilant Ingrevia share price touches ₹520 on the upside. Exit the long positions at ₹535.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)