Jindalsaw Limited likely to touch Rs. 95-100
Jindalsaw Limited witnessed almost 34 per cent upside within 5 weeks after registering its 52-week low. After touching its previous resistance zone of Rs. 88-90, the stock witnessed minor profit booking. The profit booking halted near its 61.8 per cent Fibonacci retracement level of the recent upmove which started from October 24 to November 5, 2018.
Considering the daily scale, on November 22, 2018 stock has given a breakout of the downward sloping trendline with relatively higher volumes. The 14-period day RSI is quoting at 52.62 and it has recently given positive crossover.
Stochastics also shows positive crossover in its oversold zone which predicts upside momentum. The stock has recently closed above its short-term moving average, i.e. 21-day exponential moving average. Considering the above factors, the stock is likely to touch Rs. 95-100 levels in the short-term. Also, recent swing low Rs. 79.50 will act as a important short-term support.