Jindal Poly Films Ltd has rallied by about 150 per cent so far in 2021 compared to 21 per cent upside seen in the Nifty50 in the same period, and over 55 per cent rally seen in the S&P BSE Smallcap index.

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The company with a market capitalization of about Rs 5000 cr hit a fresh 52-week high of Rs 1188.50 on the BSE on 6 December but failed to hold onto gains towards the close of trade amid weak global cues.

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Technicals suggest that the stock witnessed a range breakout on 3 December along with strong volumes that suggests further upside in the stock in the next few months.

Jindal Poly was stuck in a range of 150 odd points since August. A strong rally of over 11 per cent recorded on 3 December led to a breakout on daily charts.

The next possible target seen on the stock is close to 1450-1700 levels that translates into an upside of 25-47% from Rs 1153 levels recorded on 3 December, suggest experts.

Jindal Poly Films Limited is a part of the $ 2 billion B.C. Jindal group, which has been offering a wide range of products and solutions for more than 6 decades.

The group is involved in diverse businesses including Polyester & Polypropylene films, Power generation, Cold Rolled Steel Strips, Galvanized Sheets, etc., said the company website.

Jindal Poly Films Ltd started its up move from 410 in Jan 21 and made a high of 941 in March 21. A series of higher bottoms and tops followed, and the stock trended upward to make a new high of 1168 in Aug 21.

“After that the stock traded in range of 930 and 1100 for 3 months, trying to find a direction while the 200 DMA continuously trended upwards,” Bharat Gala, President - Technical Research, Ventura Securities Ltd, said.

“Recently, the stock gave range breakouts with a big green candle and made a new high of 1173, supported by volumes. The MACD, Demand Index and ADX suggest the possibility of a firm uptrend,” he said.

Gala added that the possible targets are 1450-1550-1700. If the stock price corrects downwards the buy levels are (1105-1065)-1030-(997-978). A stop loss can be observed in the trade is 920.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)