Jindal Stainless (Hisar) Ltd. - Up-Flag on DAILY chart

7 thg 5, 2021

Jindal Stainless (Hisar) Ltd. was in a consolidation since 27th April 2021. This consolidation was preceded by an up-rally. The price gave an upward breakout to the consolidation on 7th May 2021 and closed at Rs.180.90 with a massive volume support. This price behaviour has formed the price pattern known as Up-Flag on daily chart of this counter. I anticipate the price target of Rs. 213 and suggest the stop loss at Rs. 171 to be followed for the first four daily candles starting from 10th May 2021. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.