CEOShriram

Jindal Stainless (Hisar) Ltd. - Up-Flag on DAILY chart

Long
NSE:JSLHISAR   JINDAL STAINLESS (
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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.

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