Jindal Steel & Power Ltd - Breakout Opportunity
Date: 12-Sep-2024
LTP: Rs. 1,004.65
Resistance Level/s: (R1) Rs. 1,080 --> (R2) Rs. 1,221
Support Level/s: (S1) Rs. 929 --> (S2) Rs. 896
Technical View:
•
JINDALSTEL is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 1,097 on 21-Jun-2024, it has retraced 18% to 896 level.
•JINDALSTEL has given breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.
•JINDALSTEL has managed to close above 50 DMA on 12-Sep-2024 and is trading above both 20 DMA and 50 DMA.
• RSI has entered buy zone and trading at 63.29. MACD has crossed over 0 and trading at 2.29.
• Both RSI and MACD are showing positive divergence on daily chart.
• Looking good to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 1,004.65
Resistance Level/s: (R1) Rs. 1,080 --> (R2) Rs. 1,221
Support Level/s: (S1) Rs. 929 --> (S2) Rs. 896
Technical View:
•
JINDALSTEL is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 1,097 on 21-Jun-2024, it has retraced 18% to 896 level.
•
JINDALSTEL has given breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.•
JINDALSTEL has managed to close above 50 DMA on 12-Sep-2024 and is trading above both 20 DMA and 50 DMA.• RSI has entered buy zone and trading at 63.29. MACD has crossed over 0 and trading at 2.29.
• Both RSI and MACD are showing positive divergence on daily chart.
• Looking good to start a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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