Buy Jayshree Tea for target of Rs 203: IIFL
Stochastics signaled a positive crossover with heavy volumes, confirming the breakout on the upside.
By ET Bureau |
MUMBAI: IIFL is of the view that Jayshree Tea has broken out from the range and stochastics are signaling a positive crossover. It advises to buy the stock for target of Rs 203.
“Jayshree Tea had been moving sideways and in a narrow range between Rs 188-178 for two weeks after rallying sharply from Rs 147 to Rs 189. As of now, the stock is trading above its 20-DMA, which earmarks inherent strength in the counter.
On Wednesday, the stock broke out from the above mentioned range after Wednesday’s close above Rs 190. Stochastics signaled a positive crossover with heavy volumes, confirming the breakout on the upside.
Based on above technical observations, we recommend traders to buy the stock above Rs 191 with a stop-loss of Rs 185 for a target of Rs 203,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“Jayshree Tea had been moving sideways and in a narrow range between Rs 188-178 for two weeks after rallying sharply from Rs 147 to Rs 189. As of now, the stock is trading above its 20-DMA, which earmarks inherent strength in the counter.
On Wednesday, the stock broke out from the above mentioned range after Wednesday’s close above Rs 190. Stochastics signaled a positive crossover with heavy volumes, confirming the breakout on the upside.
Based on above technical observations, we recommend traders to buy the stock above Rs 191 with a stop-loss of Rs 185 for a target of Rs 203,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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