📷 Image Credits: Moneycontrol
The Indian stock market has been experiencing fluctuations recently, with various sectors seeing corrections and other sectors outperforming the broader markets. JBM Auto, HEG, and JSW Steel have been in the spotlight for their recent performance and potential trading opportunities.
JBM Auto, which spiked 7.5 percent to reach a record closing high of Rs 941, has been displaying a strong bullish momentum. The stock has been in an uptrend since the mid of December 2022, with higher highs and higher lows formation. Traders are advised to watch the key level of Rs 910 for potential upward movement towards Rs 1,010.
On the other hand, HEG shares have also shown positive momentum, climbing 4.6 percent to Rs 1,365. The stock has formed a healthy bullish candlestick pattern on the daily scale with strong volumes. With a strong bullish momentum on the weekly scale, traders should look out for Rs 1,310 as a crucial support level and Rs 1,450 as a key resistance area for short-term trades.
JSW Steel, after a short-term correction, has witnessed a range breakout on the daily charts. The counter is currently in an accumulation zone, suggesting a bullish trend in the near term. Traders should keep an eye on the Rs 720 level, and if the stock remains above this level, a target of Rs 800 can be expected.
Overall, the market outlook remains uncertain, with the Nifty 50 facing resistance at 24,500. However, with the support at 24,300, traders are advised to navigate the market cautiously and consider these trading recommendations for potential gains in the near term.
