Breakout stocks: Jindal SAW, Electrosteel Castings, Adani Enterprises

Stocks to buy today: Sachin Gupta of Choice Equity Broking has recommended three stocks to buy today - Jindal SAW, Electrosteel Castings, Adani Enterprises.

Disclaimer: This article is written by Sachin Gupta, VP – research, Choice Equity Broking. Views expressed are his own. Readers' discretion is advised.

 

Jindal SAW

 

Rating: Buy | CMP: ₹310 | Stop loss: ₹298 | Target: ₹330

 

Jindal SAW is showing strong bullish momentum on the daily chart, with the stock breaking out to a fresh 52-week high of ₹316.95 after a prolonged consolidation phase. The breakout is supported by a sharp rise in volume, indicating strong participation from buyers. 

 

Price is trading well above the 20-day EMA at ₹280.88 and 200-day EMA at ₹233.53, while both averages are trending upward, confirming a healthy medium-to-long-term trend. The stock is also trading near the upper Bollinger Band at ₹306.71, highlighting strong price momentum. 

 

 

The RSI at 71.10 remains in the overbought zone, reflecting strength but also warranting some near-term caution. Overall, the technical structure remains positive, with ₹298–₹300 acting as an immediate support zone and ₹330 emerging as the next potential upside level.

 

Electrosteel Castings

 

Rating: Buy | CMP: ₹82 | Stop loss: ₹78 | Target: ₹90

 

Electrosteel Castings has turned technically positive following a breakout from a Descending Triangle formation on the daily chart, signalling a shift in momentum in favour of the bulls. The stock has continued to build on the breakout, indicating sustained buying interest and improving price structure.

 

Adding to the positive setup, Electrosteel Castings has reclaimed and closed above its 200-day EMA, strengthening the longer-term trend outlook. The RSI at 73.36 reflects strong momentum, though it also indicates that the stock has moved into overbought territory. Hence, some near-term consolidation cannot be ruled out, but the overall trend remains constructive.

 

From a trading perspective, Electrosteel Castings can be bought in cash at ₹82, with a stop loss of ₹78 and an upside Target of ₹90. The prevailing bullish structure and strength above the 200-day EMA keep the risk-reward setup favourable for further gains. CHECK Stock Market LIVE Updates

 

Adani Enterprises

 

Rating: Buy | CMP: ₹3,169 | Stop loss: ₹3,000 | Target: ₹3,500

 

Adani Enterprises has witnessed a strong technical turnaround after rebounding sharply from its lower demand zone and delivering a decisive breakout above a major falling trendline on the daily chart. 

 

The breakout marks an improvement in the underlying price structure, with the stock now trading comfortably above its key exponential moving averages, including the 200-day EMA, indicating a shift towards a sustained bullish trend.

 

Momentum indicators are also supporting the positive setup. The RSI has risen to 67 and has moved above its signal line, highlighting strengthening buying pressure and improving market sentiment. The combination of the trendline breakout, bullish moving-average setup and rising momentum suggests that the stock has further room for an upward move.

 

From a trading perspective, the bullish view remains intact with a stop loss at ₹3,000. The stock can be held for an upside Target of ₹3,500, provided the current price structure continues to remain favourable.