Buy Jindal Saw for target of Rs 980: India Infoline

MUMBAI: India Infoline has advised traders with to buy Jindal Saw for target of Rs 980.

“From the past three weeks, Jindal Saw has surged smartly from the support of its 13-DMA. The momentum oscillators like the daily RSI has given a positive divergence, indicating that price would start moving up. Moreover, on Monday, the stock broke out from the horizontal trendline, which had been preventing the price from heading higher with impressive volumes. Keeping in mind, the above mentioned evidence we expect the uptrend to continue in the near term. We recommend traders to buy the stock between the levels of Rs 920-935 with a stoploss of Rs 900 for target of Rs 980-1,000,” the brokerage report said.

Note:Trading idea valid for time period of 1-3days.