A 9% Breakout To ATH! This Stock is On Fire

  • Stock Market Analysis
  • Editors Pick

In the midst of a volatile session on Friday, the share price of JSW Infrastructure (NS: JSWN ) Limited was in a clear uptrend. Investors’ buying frenzy for the stock was clearly witnessed today. Despite a seesaw market, the stock managed to surge to an all-time high in today’s session.

The stock has already been turning into a great investment opportunity for investors since its listing. The stock marked its debut on the NSE on 3 October 2023 at INR 143 and a few months later, the stock is at INR 264, a massive 84% return.

Image Description: Daily chart of JSW Infrastructure with volume bars at the bottom

Image Source: Investing.com

On the technical front, after a sharp rally, the stock started consolidating in a range for some time. Since the first week of December 2023, the stock didn't go anywhere and made a beautiful rounded bottom-like chart pattern on the daily time frame. Today, it rose out of its consolidation phase with a strong breakout, gaining 8.8% to INR 264.95.

This breakout was also backed by a strong volume of 19.5 million shares, which is almost three times the 10-day average of 6.59 million shares.

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Now how long the stock can rally? As it is trading at an all-time high, there are no resistance levels. However, looking at the strong base formation prior to the breakout, the stock can rally to the next level of INR 280, But due to a sharp move in the past two sessions, it might take a breather soon which could provide a good opportunity to accumulate this counter on dips.

A fall to retest the breakout level of INR 240 - 243 might be a good point to consider for long positions. This base has support at around INR 200 which if as long as remains intact can help the chart structure remain positive.

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  • Shreekant Malekar @Shreekant Malekar
    Great pick at right time.. 👍
    Like 1
  • vijay katial @vijay katial
    well written Aayush.
    Like 1
  • Prateek Sharma @Prateek Sharma
    Excellent insight 👌
    Like 1
    • Aayush Khanna @Aayush Khanna
      Thanks, Prateek.
      Like 0
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