Investors with a short-term perspective can consider buying the stock of JSW Energy at current levels. The stock gained momentum and breached its immediate resistance at ₹65.3 as well as 50-DMA by gaining 4 per cent with good volume on Monday. However, the stock now faces next key resistance and 200-DMA around ₹67.5. With the recent rally, the stock appears to be poised for an upward breakout of this immediate hurdle.

On the medium-term time frame the stock has been range bound between ₹60 and ₹67.5. There has been an increase in daily volume over the past six trading sessions.

We expect the stock to breach the immediate resistance at ₹67.5 and reach the price targets of ₹70 and ₹71.5 in the short-term. Such an up-move will also pave way for the stock to test ₹75 over the medium-term. Traders can buy the stock with a stop-loss at ₹65.3.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

comment COMMENT NOW