Can I buy Jindal Saw at CMP?
AVOID JINDAL SAW FOR NOW AND ENTER ABOVE RS 123 ON A CLOSING BASIS
Jindal Saw is currently trading at Rs 115.30. Its 52-week high/low stand at Rs 128/Rs 46.55 made on November 1, 2017 and November 9, 2016, respectively. The stock reached its 52-week high with gradual higher tops and higher bottoms. However, recently the stock has fallen below its support at Rs 114 level after hitting almost a double top at the 52-week high level. Hence, the stock may see some more downside in the coming sessions. However, considering the weekly time frame, the stock has just given a rounding bottom breakout and is in a pullback mode. One can enter the stock at Rs 123 level on a closing basis.