Technical Picks to Keep an Eye on JSW Infrastructure Ltd & India Tourism Development Corporation

Based on technical analysis, JSW Infrastructure Ltd & India Tourism Development Corporation are identified as upside potential stocks. 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 317.30 and Rs 802.60 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

JSW Infrastructure Ltd

The daily chart of JSW Infrastructure Ltd

On the daily chart, JSW Infrastructure is presently showing a promising picture; the stock price is likely to bounce from the 50-day EMA and may approach resistance at its 52-week high. The stock price may resume its strong momentum-up in the coming trading sessions as it has formed a hammer candlestick pattern by taking support of 50-day EMA, with the support of decent volume.

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 a bounce back. The stock appears neutral when one looks at the Relative Strength Index, which is now trading at 44. The ADX of 28 indicates the present state of price momentum, which is moving with good momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at a 50-day EMA. The minor upper resistance is 52-week high and if the stock closes above 52-week high level, then it may consistently trade above current levels.

JSW Infrastructure Ltd. engages in the provision of development, operation, and maintenance of construction and port services.

India Tourism Development Corporation Ltd

The daily chart of India Tourism Development Corporation Ltd

India Tourism Development Corporation Ltd’s current performance is indicated by a favourable technical setup. The company’s shares are now trading at Rs 802.60 and may start the uptrend from the current levels as it is trading on the support level likely to bounce back. The stock price is currently trading above all the long-term important moving averages and is likely to bounce from the 50-day EMA in conjunction with the support marked on the above chart.

The stock is trading above its all-important moving averages, and it is expected to find support near Rs 700 mark. The Relative Strength Index is trading near neutral levels at 50. This implies there may be potential for an increase in stock price strength. The ADX, now around 25, shows a good level of momentum and directional strength.

The level at Rs 700 and Rs 580 serves as a crucial indicator for corrective movement, and the overall market structure favours traders if the stock sustains the current level and trades above it.

India Tourism Development Corp. Ltd. engages in the provision of hotels, restaurants and transport facilities.

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.