Jindal Steel & Power Ltd - Breakout OpportunityDate : 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:
• NSE: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.
• NSE: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.
• NSE: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.
