Jindal Drilling And Industries JINDRILL

 

Jindal Drilling And Industries Commences Operations Of Rig

Oct 16, 2024

JINDRILL

−1.97%

ONGC

−0.99%

Jindal Drilling and Industries Ltd 

JINDRILL

COMMENCEMENT OF OPERATIONS OF RIG

RIG OWNED BY CO HAS COMMENCED OPERATIONS WITH ONGC

Here's a breakdown of the chart's technical view with target, stop-loss, support, and resistance levels for Jindal Drilling Ind. Ltd. based on the image:

1. Support and Resistance Levels:

• Resistance:
  • The primary resistance level is near ₹990.35, marked as the 0.786 Fibonacci retracement level.
  • Price has struggled to close above this level and has reversed after approaching it.
• Supports:
  • Immediate support is at ₹860.45, which coincides with the 0.618 Fibonacci level.
  • The next significant support is around ₹857.40, just below the 0.5 Fibonacci level (₹788.70).
  • Further downside support is visible near ₹703, aligned with the 0.382 Fibonacci level.

2. Target:

• Upside Target: If the price breaks above the resistance at ₹990.35, the next potential target could be around ₹1,200 (marked by the dotted line above).
• Fibonacci Confluence: The 0.786 level suggests that breaking this zone could lead to further upside momentum.

3. Stop-loss:

• A logical stop-loss level can be set just below the nearest support level:
  • For aggressive traders: Stop-loss can be below ₹860.45.
  • For conservative traders: ₹703 is the last significant support level.

4. Technical Indicators:

• RSI (Relative Strength Index):
  • The RSI is currently at 64.53, which is close to the overbought zone.
  • If RSI falls below 55, it may indicate weakening momentum and potential downside.
• Volume:
  • The volume appears to be relatively low, which could signify reduced buying interest.

Summary of Technical View:

• The stock is in a consolidation phase between ₹860 and ₹990.
• A break above ₹990 could trigger a rally towards ₹1,200.
• On the downside, a failure to hold ₹860 may lead to further corrections towards ₹703.

This analysis suggests that the next move will depend heavily on price action around the support/resistance levels. Would you like more details on possible scenarios or other insights?

1. Short-Term View (1-2 weeks)

• Current Status: The stock is consolidating near the 0.618 Fibonacci retracement level (₹860).
• Resistance: Immediate resistance at ₹990.35.
• Support: ₹860 is a key support; breaking this level could lead to a move toward ₹857 or even ₹788.
• RSI: Currently around 64, which indicates the stock is not overbought but losing some momentum.
• Outlook:
  • Bullish Scenario: If it holds above ₹860 and moves past ₹990, it could test higher levels near ₹1,200.
  • Bearish Scenario: A break below ₹860 could lead to further downside.

Action Plan: Short-term traders should focus on the ₹860-₹990 range and use these levels for quick trades with tight stop-losses.

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2. Medium-Term View (1-3 months)

• Trend: The overall trend remains upward as long as the price stays above ₹860.
• Resistance & Target: Breaking out above ₹990 would open the door to medium-term targets around ₹1,200 or higher.
• Support: If the price falls below ₹860, the next support zone lies around ₹788.70.
• Fibonacci Levels: Consolidation near 0.618 and 0.5 Fibonacci levels (₹860 and ₹788) suggests potential accumulation.
• Outlook: The medium-term view remains bullish unless ₹860 and ₹788 are breached.

Action Plan: Swing traders can aim for ₹1,200 with stop-losses near ₹857 or ₹788, depending on risk tolerance.

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3. Long-Term View (3-12 months)

• Trend: The long-term trend has been bullish, marked by higher highs and higher lows.
• Fibonacci Trend: The 0.382 level at ₹703 acts as a significant long-term support.
• Resistance: Breaking ₹990-₹1,000 resistance would be a key bullish signal for a move toward ₹1,200-₹1,400 over the next several months.
• RSI Perspective: As long as the RSI stays above 50, the long-term trend remains intact.
• Outlook: The stock has the potential for further upside if it remains above key supports like ₹703 and ₹860.

Action Plan: Long-term investors can consider adding on dips near ₹788 or ₹703 for targets of ₹1,200 and higher.

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Summary:

• Short Term: Consolidation between ₹860-₹990. Breakout will determine the next move.
• Medium Term: Bullish if price holds above ₹860, with a target of ₹1,200.
• Long Term: Long-term upside potential with support at ₹703 and targets of ₹1,200+.