Sacchitanand Uttekar of Tradebulls shared his perspective on two prominent stocks, Jindal Steel and Power (JSPL) and UltraTech Cement, highlighting key trends and potential opportunities for investors.

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One of the stocks that have recently piqued Uttekar's interest is Jindal Steel and Power (JSPL). Examining the data since September, a trend that has come into focus is that the stock has consistently respected a resistance zone, lingering around the Rs 715-718 mark. However, the events of September 14, 2023, brought about a notable breakthrough, hinting at the possibility of a bullish flag formation in the making.

This development carries significant weight, as it suggests the potential for the stock to clear the resistance barrier in the immediate future. Uttekar's analysis hinted at a prospective price target of approximately Rs 748, offering an enticing opportunity for traders looking to build long positions. To mitigate risks, he recommended placing a stop loss at around Rs 698.

JSPL has shown resilience and promising growth, with shares surging by more than 7 percent over the past month, he said.

Another stock that continues to captivate Uttekar's attention is UltraTech Cement. Despite hovering near its all-time highs, there has been no sign of significant liquidation or position unwinding, instilling confidence in the stock's stability. The data strongly supports the notion that the Rs 8,600 support level is robust and enduring, he said.

Anticipating an upward trajectory, Uttekar predicted a potential move towards Rs 8,880 in the near future. This optimistic outlook has led him to recommend building long positions in UltraTech Cement. To safeguard investments, he advised setting a stop loss at approximately Rs 8,580.

UltraTech Cement has been on an upward trajectory, delivering gains of over 7 percent in the last month.

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First Published:Sept 14, 2023 12:10 PM IST