Medium-Term Sensex/Nse Stock Reccomendation: Jubilant FoodWorks (Rs.1240)

Jubilant FoodWorks (Rs 1,240.7)

Jubilant FoodWorks has been on a long-term uptrend ever since its
initial public offer in February 2010. The stock has been forming
higher peaks and higher troughs since then.

Last week, the stock zoomed 9 per cent with
good volumes. Friday's 6 per cent surge accompanied by above-average volume was
crucial for the stock as it broke out of a key resistance at Rs 1,200,
which it was testing from April 2012. The stock is hovering well above
its 21- and 50-day moving averages.

Both the daily and weekly relative strength index are featuring in the
bullish zone implying upward momentum. The stock can prolong its
uptrend and encounter resistance at 1,300, a
psychological resistance in the medium-term.
Short-term supports are positioned at Rs.1,100 and Rs 1,000.

As long as the stock trades above Rs 950, its medium-term trend remains up. Next
significant supports are pegged at Rs 830 and
Rs 750. A decline below Rs 700 will be a threat to the stock's
long-term uptrend.

STOCK TIPS : YOGANAND D,
www.businessline.in

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