JM financial closed at 79.5 this week. It closed above 52 weeks high this week. In the daily line chart put up below, previous strong resistances are marked at 75.5 and 77.5, which were crossed this week.
The overall pattern is of a rounding bottom pattern and the recent move has taken out important pivots. This usually indicates a change in trend. These kind of patterns offer early entry into a stock’s upward journey. One can look at similar chart patterns in Aegis, Pricol etc. when these were in their early stage rallies. In case of JM financial, near term pattern target is top of rounding bottom which is 111.
The smaller NBFCs like LT finance (covered earlier), AB Capital, JM financial etc all seem to have started their upmoves and this could be the space to watch. disc: invested as a techno funda bet.
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