Gladiator Stocks - Jamna Auto - ICICI Direct

Technical View

- The stock has been resilient during the recent market correction and has outperformed most auto ancillary stocks. It is currently seen resuming fresh up move after a higher base in the last three months above the rising 20 weeks EMA (currently at Rs. 104) and the multi-year rounding formation breakout area placed around Rs. 100 levels, signalling a structural turnaround

- Key observations is that the 20 weeks EMA has acted as strong support for the stock on multiple occasions since July 2020 and provided incremental buying opportunity. In the current scenario as well it is seen rebounding taking support at the vicinity of the 20 days EMA thus offers fresh entry opportunity

- The weekly 14 period's RSI has generated a buy signal moving above its nine period's average, thus supporting the positive bias

For details, click on the link below: Link to the report

Shares of Jamna Auto Industries Limited was last trading in BSE at Rs. 117.35 as compared to the previous close of Rs. 110.75. The total number of shares traded during the day was 225546 in over 3679 trades.

The stock hit an intraday high of Rs. 119.00 and intraday low of 111.05. The net turnover during the day was Rs. 26216803.00.

Source : Equity Bulls

Keywords

JamnaAutoIndustries INE039C01032 GladiatorStocks ICICIDirect