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The stock gained momentum after hitting a low of Rs 21 on 24 March 2020. It closed at Rs 128 on 6 July 2022 with a gain of over 500 per cent. The data shows that the stock has gained nearly 50 per cent last year. The momentum remains strong as the stock is moving in a higher high and higher low formation on the daily chart. It reached a record high of Rs 135.55 on 4 July 2022.
Experts suggest that short-term traders can enter the stock now or consider a fall of Rs 121-116-105 in the next six months with a target of Rs 200.
On the price front, Jamna Auto is trading above all important short and long term moving averages like 5, 10, 20, 50, 100 and 200-DMA, which is a positive sign for the bulls.
The Relative Strength Index or RSI is 73.1. An RSI above 70 is considered overbought. This means that the stock may see a decline. The MACD is above its center and the signal line is a bullish indicator, trendline data is shown.
agenciesThe share price rose from Rs 21 (March 2020) to Rs 124.9 (January 2022), creating a series of higher bottoms and higher tops. During the move, the stock was trading consistently above average, and Super Trend was in a positive mode.
“After booking marginal profit, and the stock corrected to Rs 95 in March 2022. A high bottom at 97.65, and the stock again started moving upwards. From Jan 22 to Jun 22, the stock has (95- 125) price range,” said Bharat Gala, President – Technical Research, Securities.
“A weekly bullish candle has been formed supported by volumes. KST, Vortex and Demand Index indicators have generated a buy signal. Probable target is Rs.200.”
Gala further said that if the share price corrects to the downside, the buy level is Rs 121-116–112-108-105. The stop loss seen in the trade is Rs.99.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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