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Technical Observations

* The Metal space is in strong up trend and is seen resuming fresh up move after two months of breather.

* The share price of Kalyani Steels has generated a resolute breakout above the last two months of consolidation | 419-355 signalling resumption of up move and offers fresh entry opportunity.

* It is expected to continue with its positive momentum and head towards | 483 levels in the coming weeks as it is the measuring implication of the last two months range breakout (| 419-355) signalling upside towards | 483 levels

* The stock has recently rebounded taking support at the rising demand line joining lows since May 2020 and 10 weeks EMA as can be seen in the adjacent chart signalling strength and positive price structurer

* The breakout above the last two months range is supported by strong volume of more than double of its 50 weeks average volume of 8 lakhs share per week highlighting larger participation in the direction of trend

Buy Kalyani Steels Ltd @ 428.00-436.00 TGT 478 SL 407

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