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The short-term outlook for the stock of Jindal Steel & Power is bullish. The sharp 9 per cent surge on Tuesday marks the end of the corrective fall since the first week of this month. A fresh leg of rally has begun. Support will now be in the ₹555-₹550 region. Intermediate dips will be limited to ₹550 as fresh buyers are likely to come into the market at lower levels.
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“The acquisition is primarily for captive usage and will improve our bottomline going forward,” said a JSPL officialJindal Steel & Power can rally to ₹645-₹650 over the next two three weeks. Traders can go long now and accumulate at ₹560. Keep the stop-loss at ₹535. Trail the stop-loss up to ₹585, the stock moves up to ₹595. Move the stop-loss further up to ₹615 when the stock touches ₹630 on the upside. Book profits at ₹640.
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