Jindal Poly Films meets Bowtie set-up criteria & records significant volume

Jindal Poly Films meets Bowtie set-up criteria & records significant volume

Karan Dsij
/ Categories: Trending

Jindal Poly Films Limited is a member of BC Jindal Group of Companies, a major Indian business conglomerate, which has been offering a wide range of products & solutions for more than six decades. The Group is involved in diverse businesses, including polyester and propylene films, steel pipes, thermal power generation, and photographic products.   

The stock of Jindal Poly witnessed a breakout stage-2 consolidation pattern, which has a depth of 22 per cent with a 25-week length. The volumes recorded on Wednesday were the highest in the last six months in a single day as the total traded quantity for the day stood at 7,97,911.   

The stock registered a fresh 52-week high on Wednesday and closed above the moving average (MA) ribbon. Interestingly, the stock meets the criteria of the Bowtie pattern by Dave Landry. This pattern occurs when all the three moving averages intersect and spread out, shifting from proper downtrend to proper uptrend, in order of 10-SMA is greater than 20-EMA and 20-EMA is greater than 30-EMA.   

Talking about the candlestick pattern formation on the daily chart, the stock has formed a bullish opening Marubozu. This pattern occurs when the opening price is equal to the low of the day and thereafter, the price continues to move up all day; thus, forming a long bullish body.   

Interestingly, the FII/FPI has increased their holdings in the stock from 1.18 per cent to 1.2 per cent in December 2020 quarter. Also, the number of FII/FPI investors increased from 23 to 28 in December 2020 quarter. The board of directors of the company is all set to consider & approve the financial results for the quarter ended December 31, 2020 on February 12, 2021. 

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