Jindal Saw outlook turned positive: IIFL

MUMBAI: According to IIFL the bullish pattern resembling a bullish belt hold has turned short outlook in the Jindal Saw to positive from sideways.

“Jindal Saw posted smart upmove in the market at the time when broader trend in the market remain subdued. Appearance of bullish pattern resembling a bullish belt hold has turned short outlook in the counter to positive from sideways.

Breakout line on upside was placed at Rs 218 levels which was penetrated on closing basis with improvement in the volumes. Daily RSI also has signaled positive crossover which confirms positive momentum in the counter. We advise buying the stock in the range of Rs 216-218 with stop-loss of Rs 213 for target of Rs 230,” the report said.

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