Jindal Stainless (
Hisar) Ltd. was in a consolidation since 27th April 2021. This consolidation was preceded by an up-rally. The price gave an upward breakout to the consolidation on 7th May 2021 and closed at Rs
.180.90 with a massive volume
support. This price behaviour has formed the price pattern known as Up-Flag on daily chart
of this counter. I anticipate the price target of Rs
. 213 and suggest the stop loss at Rs
. 171 to be followed for the first four daily candles starting from 10th May 2021. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA
by 5 EMA
whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.