Technical Picks to Keep an Eye On: Jio Financial Services & HBL Power Systems

Jio Financial Services & HBL Power Systems are identified as upside potential stocks based on technical analysis. 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 361.45 and Rs 513.25 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Jio Financial Services Ltd

The daily chart of Jio Financial Services Ltd

On the daily chart, Jio Financial Services Ltd is presently showing a promising picture; the stock price is trading just above 50-day EMA. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the level marked on the chart, with the support of decent volume.

Those considering a possible trade-in Jio Financial Services Ltd might purchase the stock at the current price with a stop loss of Rs 345 on a closing basis and aim to capitalize above the 52-week high.

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 substance above the current level. The stock appears neutral when one looks at the Relative Strength Index, which is now trading at 53.27. The ADX of 12 indicates the present state of price momentum, which is moving with low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 335. The minor upper resistance is 52-week high and if the stock closes above resistances consecutively, then it may consistently trade above current levels.

Jio Financial Services Ltd. operates as a non-banking financial company. It offers finance, trading and investment services.

HBL Power Systems Ltd

The daily chart of HBL Power Systems Ltd

HBL Power Systems Ltd’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 513.25 and may start the uptrend from the current level if it manages to break the high of the mother candle marked on the chart. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade-in HBL Power Systems Ltd could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 475, and aim for a target price higher than the 52-week high.

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 56.02. This implies there may be potential for an increase in stock price strength. The ADX, now around 19, shows normal momentum and directional strength.

The level at Rs 495 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of the prior high and trades above it.

HBL Power Systems Ltd. engages in the manufacture of batteries, electronic mobility, and other related products.

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.