Feb 19, 2015
Positional Technical Pick RETAIL RESEARCH
Stock Jindal Saw
CMP
Recommended Action *
Targets
Rs.82.95
Buy between 80 and 83
100
Stop Loss Rs.76
Time Horizon 5-15 Days
*= Recommended to stagger buying rather than entering entirely at CMP
Jindal Saw Daily Chart
Observation: Jindal Saw has been steadily rising and making higher tops and higher bottoms in the last few sessions after touching a low of 71.4 on 10th Feb 2015. Today, the stock broke above the previous swing high of 81.4 (touched a few sessions back) on the back of above average volumes, indicating a continuation of the uptrend. Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and long term (200-day EMA) moving averages. Momentum indicators like the 14-day RSI are in rising mode and not yet overbought. The 14-day RSI is above its 9-day EMA, which is a healthy signal for the stock. The Relative Strength Comparative indicator too is in rising mode, which implies that the stock is currently outperforming the Nifty index. The stock is also looking attractive on the weekly charts as it has started rising after the sharp fall seen recently. Given the positive technical set up, we believe the stock has the potential to move higher in the coming days. Our upside target is at 100. Our entry levels along with the stop losses are given above.
RETAIL RESEARCH
Note: Once the market opens for trade, the analyst will review it and decide to give the call through an internal mail/SMS at the same or different levels of entry, target and stop loss or not give the call at all or give a call in Futures/call/put. Clients could get in touch with the analyst through their designated dealers to check about this. Technical Research Analyst: Subash Gangadharan (
[email protected])
RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
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