Technical Stock Buy Idea For Medium Term From Prabhudas Lilladher

Indian share market opened higher on Friday 3, March 2023 owing to a US firm investing in Adani stocks. There was a rally in Adani stocks, even BSE midcap and smallcap indices added 0.5 percent each. Sensex rose by 899.62 points, Nifty was 272.45 points up. There were 42 advances and 7 declines in Nifty.

Recently it was observed that the price of one stock, JSW Steel Limited surged by 178.07% in three years. Vaishali Parekh, Vice President - Technical Research, of Prabhudas Lilladher Pvt. Ltd has also suggested this stock for medium term based on technical analysis.

Buy stock of JSW Steel Limited, with a target price of Rs, 755 and stop loss of Rs 650 per share

"The stock has witnessed a steep slide and consolidated near the significant 200DMA zone of 666 levels overall indicated an ascending channel pattern on the daily chart and recently has indicated a pullback with improvement in the bias. The RSI is well placed and has indicated a trend reversal from the oversold zone to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 755 keeping a support level of 650."

JSW Steel is a flagship company of JSW Group and is a large cap company. It is one of India's leading integrated steel manufacturers with a capacity of 18 MTPA. It is one of the fastest growing companies in India with a footprint in over 100 countries. Its current market capitalisation is Rs 1,65,084.07 crore

The current market price of JSW Steel stock is Rs 682.95 per share, it is up 8.15 points (1.21%) over previous day, while its 52-week high is at Rs 789.95 per share and 5 week 2-low is at Rs 520.10 per share.

Disclaimer:

The stocks have been picked from the brokerage report of Prabhudas Lilladher, Greynium Information Technologies and the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.