Technical Picks to Keep an Eye on Escorts Kubota & Jindal Stainless

Based on technical analysis, Escorts Kubota & Jindal Stainless are identified as upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 4,034.90 and Rs 5,787.50 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Escorts Kubota Ltd

The daily chart of Escorts Kubota Ltd

On the daily chart, Escorts Kubota is presently showing a promising picture; the stock price is bouncing from 50-day EMA and trendline marked on the chart. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the 20-day EMA, with the support of decent volume.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after the signs of a breakout. The stock appears neutral when one looks at the Relative Strength Index, which is now trading at 49. The ADX of 19 indicates the present state of price momentum, which is moving with normal momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at a 50-day EMA. The minor upper resistance is 52-week high and if the stock closes above 52-week high level, then it may consistently trade above current levels.

Escorts Kubota Ltd. manufactures and supplies agricultural machinery, auto suspension and ancillary products and railway equipment.

Jindal Stainless Ltd 

The daily chart of Jindal Stainless Ltd

Jindal Stainless Ltd’ current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 5,787.50 and may start the uptrend from the current levels as it is trading on the support level likely to bounce back. The stock price is currently trading above all the long term important moving averages and is likely to bounce from the 50-day EMA.

The stock is trading above its all-important moving averages, and it is expected to find support near on 50-day EMA. The Relative Strength Index is trading near neutral levels at 51. This implies there may be potential for an increase in stock price strength. The ADX, now around 16, shows a low level of momentum and directional strength.

The level at 50-day EMA serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the current level and trades above it.

Jindal Stainless Ltd. operates as a holding company, which engages in the provision of stainless steel flat product.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.