Overview: Jubilant Foodworks is poised for a bullish trendline breakout. This setup presents an excellent opportunity for traders to enter the market with well-defined risk and profit targets.
Entry Point: Initiate a buy order at or above 491 INR, aligning with the breakout above the descending trendline resistance, indicating a potential upward trend.
Stop Loss: Set a stop loss at 440 INR to protect against unforeseen reversals and minimize potential losses.
Profit Targets:
T1: 469 INR, capturing early profits below the entry due to initial pullbacks. T2: 518 INR, slightly above the breakout point, potentially a new support zone. T3: 653 INR, aiming for a significant return based on historical highs and technical projections. Rationale: The technical breakout is supported by Jubilant Foodworks' robust market position and growth potential, offering a strategic entry with clear exit points for maximizing returns while managing risks.