IGI Logo

Technical Observations

* Metal index is seen resuming fresh up move after last two months of higher base formation. We expect the metal stocks to resume its primary up move. Sail is one of the preferred pick within the metal space

* The stock is seen resuming up move after a higher base around the 200 days EMA (currently at | 105) and has generated a breakout above the falling supply line joining the recent highs since August 2021 (| 144) signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to head higher towards | 137 levels in the coming weeks as it is the 80% retracement of the previous decline (| 144-105) placed around 137 levels

* The daily stochastic has generated a buy signal moving above its three periods average thus validates positive bias

Buy Steel Authority of India Limited @ 120.00-124.00 TGT 137 SL 113

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer