Comments
Investors with a short-term perspective can consider buying the stock of Jammu & Kashmir Bank at current levels. The stock still has upside potential even after a strong 12 per cent surge with good volume on Wednesday. This rally has emphatically breached a key resistance at around ₹80. Moreover, the stock has decisively breached its moving average compression (21, 50 and 200-day moving averages) at around ₹76.
The strong rally coupled with bullish momentum has altered the medium-term downtrend that was in place from the June peak of ₹95. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is likely to enter the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest.
Short-term outlook is bullish for Jammu & Kashmir Bank. The stock can continue to trend upwards and reach the price targets of ₹86.5 and ₹88 in the upcoming trading sessions. Traders with a near-term perspective can buy the stock with a stop-loss at ₹81.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.