Fresh interest observed at JM Financial; what does it offer the traders?

JM Financial soars over 8% on November 7 amid strong buying interest.

Strong buying sentiment was witnessed across quality midcap and smallcap stocks on November 7 as broader indices inched higher amid positive global cues. Meanwhile, the stock of JM Financial (NSE Code: JMFINANCIL) jumped 8% on the bourses amid strong buying interest. With this, the price pattern is quite positive and presents a good trading opportunity for the market participants.

Technically, the stock has registered a strong price volume breakout from its 19-day consolidation pattern. The volumes have been above average and show good buying strength. With this, the stock has hit a fresh 52-week high of Rs 76.65 on the NSE. The bullish claim is supported by a 14-period daily RSI (69.86) which is in the bullish territory and indicates strong strength in the stock. The MACD has crossed above the signal line, which indicates the start of a positive move. The OBV has risen sharply and shows strong buying sentiment. The ADX is above 25 and rising, while +DMI is above the -DMI, which are signs of bullishness. The elder impulse system indicates a fresh buy in the stock. The TSI and KST indicators also show bullish momentum. In a nutshell, the stock has turned technically strong and is expected to trade higher in times to come.

In the past 3 months, the stock has been in a strong uptrend and has jumped nearly 25% during this period. From the business standpoint, the company expects strong demand for mutual funds and investment solution products in future, and in helping their clients for strong wealth generation.

JM Financial is an integrated and diversified financial services group which is engaged in the activities of Investment Banking, Mortgage Lending, Credit business and Asset Management. Currently, the JM FINANCIL share price trades at Rs 76 level. Long-term investors as well as momentum traders should keep a close watch on this stock to track its further progress!