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Stop Loss: Rs 975.50
Target: Rs 1050
JINDALSTEL has witnessed a breakout from an inverse Head & Shoulder chart pattern on the daily timeframe, accompanied by a strong bullish candlestick. Post-breakout, the stock is trading in a Higher High formation, indicating strong buying interest. The stock is trading firmly above its 20, 50, 100, and 200-day EMAs, highlighting the strength of the ongoing uptrend. Additionally, the Relative Strength Index (RSI) stands at 68.91 and is trending higher, reflecting strong bullish momentum and further upside potential in the near term.
(Kunal Kamble, Sr. Technical Research Analyst at Bonanza)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
