Jindal Stainless hits record high, experts see another 14% rally

Jindal Stainless delivered more than 210 percent return since the low of June 2022, while since November last year, it has consistently been trading above all medium and long-term key moving averages (50, 100 and 200-day EMA), which is a positive sign.

The stock hit an all-time high of Rs 304 intraday, and ended at a record closing high of Rs 299.35, up 7.08 percent on the NSE.

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} function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?classic=true&sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } } Jindal Stainless shares hit a record high on March 6, gaining more than 7 percent. The stock formed a long bullish candlestick pattern on the daily charts, after Doji kind of pattern formation in the previous session.The stock also has above-average volumes as it trades above all key moving averages (5, 21, 50, 100 and 200-day EMA – exponential moving average). Overall, it has been in an uptrend since June 2022, barring small intermittent consolidation and correction.The stock delivered more than 210 percent return since the low of June 2022, while since November last year, it has consistently been trading above all medium and long-term key moving averages (50, 100 and 200-day EMA), which is a positive sign.On the monthly scale, it has seen the formation of a bullish candlestick pattern for the sixth consecutive month, after a neutral pattern formation in the previous month.Experts also remain positive on the stock and expect Jindal Stainless to march further if it decisively closes above Rs 305 – Rs 315 levels in coming sessions.The stock hit an all-time high of Rs 304 intraday, and ended at a record closing high of Rs 299.35, up 7.08 percent on the NSE.Momentum indicators and oscillators RSI (relative strength index) at 75 levels and MACD (moving average convergence divergence) with positive crossover also supported the rally.”On the longer timeframe, the counter is in a strong uptrend and breaking out of a Flag formation. It created a strong base around their multi-year breakout level at Rs 240, but Rs 315 is an extension level of 61.80 percent and an immediate resistance where it may see some pause, but above this, it is likely to head towards Rs 340 levels,” Pravesh Gour, Senior Technical Analyst, Swastika Investmart said.On the downside, the analyst feels Rs 275 is significant support at any correction, while Rs 240 is the next critical demand level. MACD and RSI are supporting the strength of the current movement, Gour said.Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said the stock has given a decent run up from the bottom made near Rs 96 levels and has gained much strength to breach above the previous peak zone of Rs 225 levels to indicate a breakout on the daily chart.Recently, there has been some resistance witnessed near Rs 274 levels and had the near-term support zone near Rs 240 levels, but has continued with the uptrend further and has the next target of Rs 305-310 levels in the coming days, she said, adding the RSI is also well placed and can anticipate for a further rise in the coming days.Parekh feels the trend will turn down or weaken only if there is a decisive breach below Rs 260 zone and at that level, one can think of exiting their holding.At the same time, Vaishali said a decisive breach above Rs 305 levels would further trigger a fresh upward move for the next target of Rs 335 – Rs 345 levels.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. 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