Retail Research: Technical Stock Idea

08 Sept 2016
RETAIL RESEARCH
Technical Stock Idea

Stock
Jammu & Kashmir Bank
CMP
76
1000
Jammu & Kashmir Bank Daily Chart
0
Recommended Action
Buy between 70 and 76
Target
82/92/118
SL- Closing basis

67
Time Horizon
1-3 Months
Jammu & Kashmir Bank has broken out of the 56-75 trading range it was trading within for the last several months.
This weeks breakout was accompanied with above average volumes, which indicates that there was significant accumulation.
Technical indicators are currently giving positive signals as the stock trades above the short term (13 day SMA), medium term
(50 day SMA) and long term (200 day EMA) moving averages.
Momentum indicators like the 14-week RSI are in rising mode and not yet overbought. The 14-week RSI also trades above its
9-week EMA, which is a positive signal.
The MACD indicator on the weekly chart has just crossed its signal line and is in rising mode, which is encouraging.
We believe the stock has the potential to move higher in the coming weeks and months. We therefore recommend a buy at
CMP and adding more on dips. Our entry levels, along with stop loss and targets have been mentioned above.
RETAIL RESEARCH
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RETAIL RESEARCH
Analyst: Subash Gangadharan ([email protected])

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042
Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: [email protected]
"HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."
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recommendation(s) or view(s) in this report.
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Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any holding in stock No
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RETAIL RESEARCH
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08 Sept 2016

Technical Stock Idea

SL- Closing basis

Analyst: Subash Gangadharan ([email protected])

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