Jubilant Food Works
Hello and welcome to this analysis
The stock has been in a decline since Sept 2021, all bounces have so far been sluggish as it continues to make a lower high lower low pattern. It was removed from Nifty Next 50 hence the recent exit pressure from Index based funds
In the immediate short term due to a heavily oversold scenario a dead cat bounce appears to be in the making. This could either bounce back to 500-525 or form a triangle (higher probability) as long as it holds last week low.
Overall chances of this being a bottom look slim unless it starts sustaining above 535. We might see value buying coming near 375-350.
The stock has been in a decline since Sept 2021, all bounces have so far been sluggish as it continues to make a lower high lower low pattern. It was removed from Nifty Next 50 hence the recent exit pressure from Index based funds
In the immediate short term due to a heavily oversold scenario a dead cat bounce appears to be in the making. This could either bounce back to 500-525 or form a triangle (higher probability) as long as it holds last week low.
Overall chances of this being a bottom look slim unless it starts sustaining above 535. We might see value buying coming near 375-350.
Webinar recordings available
t.co/3mGWp29Xkb
t.co/3mGWp29Xkb
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.