the upmove in the stock of Jindal Saw is gaining momentum. The stock had surged about 7.5 per cent on Wednesday. This rise has taken the share price well above an intermediate resistance level of ₹518. The short-term outlook is bullish. Positive move average cross overs on the daily chart also strengthens the bullish case. Support will now be in the ₹518-₹515 region which can now limit the downside.
Jindal SAW share price can go up to ₹590 over the next two-three weeks. Traders can go long now at around ₹534. Accumulate on dips at ₹524. Keep the stop-loss at ₹495 initially. Trail the stop-loss up to ₹545 as soon as the stock price goes up to ₹555. Move the stop-loss further up to ₹560 when the price touches ₹575. Exit the long positions at ₹590.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)