JK TYRE & INDUSTRIES LTD ( Not So Cheap Not So Costly )

JK TYRE & INDUSTRIES LTD Rs 102

Investors with a short-term horizon can Buy the stock of JK Tyre & Industries at current levels. After registering a new high at 162.9 in December 2014, the stock reversed direction. Since then, the stock has been on an intermediate-term downtrend. The presence of significant resistance at 130 kept the stock on check from further rally in early April. The stock subsequently, resumed its downtrend and has been on a short-term downtrend.

The relative strength index on the daily chart feature in the bearish zone. The daily price rate of change indicator hovers in the Positive territory implying Buying interest. The short-term outlook is Bullish. The stock can continue to trend downwards and reach the price target of 125 in the forthcoming sessions. Sell the stock with a stop-loss at 90 levels.

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