Trading Guide: Jindal Steel, ICICI Bank among 6 stock recommendations for Wednesday
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almost 2 years ago
The stock has witnessed a breakout of a falling trend line with a Bullish candlestick. The technical indicator Ichimoku cloud suggests that the price is trading above the Conversion line & Baseline, which shows a positive trend in the counter. The price is trading above the 50 Day’s Exponential Moving Averages, which indicates a positive trend. A momentum indicator RSI (14) reading is above 60 levels, which adds more strength on the upside. Observation of the above factors indicates that a bullish move is possible in the counter for targets up to Rs 605. One can initiate a buy-on dip in the range of Rs 575.95-572.50 with a stop loss below Rs 561 on a daily closing basis. (Ashish Manoj Katwa, Technical Research Analyst, Bonanza Portfolio)
Economic Times