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Sector Technical Report - BSE Metal index - - HDFC Securities
* The daily chart of “BSE Metal index” shows that it may have bottomed out fornear term to short term.
* Price has formed a “Morning star Candle” pattern on daily charts which is a bullish reversal formation. It would get validated on a rise above 6215 .
* This means short term bullish view would trigger on a rise above 6215.
* RSI oscillator on dailyis placed with positive divergence which could add strength to the bulls .
* Daily indicators and oscillators are deeply oversold , so bounce could occur soon .
* Initially price would head towards upper trendline of the falling channel which is placed around 6900 .
* Overall, on a rise above 6215 , maintainpositive stance for upside target of 6700 - 6900. Place a stoploss at 5700 levels on closing basis .Stocks to watch: TATA Steel, SAIL, VEDL &Hindalco.
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