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Published on 11/06/2019 3:51:12 PM | Source: Choice Broking Pvt Ltd

Buy JSW Steel Ltd For The Target Rs.292 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #JSW Steel Ltd. #Metals Sector #Trading Report #Choice Broking

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* On a daily chart, the stock has formed a Bullish Harami Candlestick which is a Bullish Reversal indication and indicates an upside movement in the counter.

* On an hourly chart, the stock has started to trade above its 50 Hourly Moving Average which is placed at 270.65 level which shows a positive momentum in the counter.

* Moreover, the stock has given a breakout of its Downward Falling Trend line which suggests a bullish reversal movement in the counter.

* A daily momentum indicator RSI reading is at 45.55 level with a positive crossover, apart from this, the RSI has formed a double bottom formation which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.

Recommendation

Buy JSW Steel Ltd. @270.50-271.95 Target 292.00 Stoploss 262.00

 

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