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Investors with a short-term perspective can consider buying the stock of Jindal Steel & Power at current levels. On Monday, the stock jumped 4.5 per cent accompanied with an above average volume, breaching its immediate resistance level of ₹127 and also the 21-DMA.
Since May, the stock has been in a short-term uptrend. Last week, it took support at ₹116 and continued its uptrend. There has been an increase in daily volume over the past four trading sessions. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continue to feature in the bullish zone. Both the daily and weekly price rate of change indicators have re-entered the positive territory.
The short-term outlook is bullish for the stock. It can extend its uptrend and reach the price targets of ₹134 and ₹136.5 in the coming trading session. Buy the stock with the stop-loss at ₹125.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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