PL Technical Research: Buy JINDAL SAW - Technical Pick

PL Technical Research: Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt. Ltd.

BUY JINDAL SAW CMP: 454 TRGT: 517 SL: 429

TECHNICAL PICK - The stock after peaking out near 515 levels has witnessed a decent correction to take support near 404 zone recently and with a pullback witnessed has moved past the significant 50EMA level of 428 zone and indicating a falling channel breakout at around 430 levels, has improved the bias anticipating for further rise in the coming days. The RSI after the gradual slide has flattened out and is well placed indicating a trend reversal to signal a buy and with much upside potential visible, technically has made the chart look attractive. We suggest to buy and accumulate the stock for an upside target of 517 keeping the stop loss near 429 levels.