Stock Picks - Buy Steel Authority of India Ltd For Target Rs.121 - ICICI Direct
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Technical Observations
* The Nifty metal space has seen a healthy retracement in the last three months. It is currently seen rebounding after a base at the 100 days EMA. Our preferred pick within the metal space is Sail which we expect to outperform
* The share price of SAIL has rebounded after taking support at 200 day EMA (currently placed at | 106) which also coinciding with multiyear breakout area around | 100-105 levels, signaling resumption of up move and fresh entry opportunity.
* The stock has already taken seven months to retrace just 50% of its preceding five months up move (| 55-151), a shallow retracement signals a robust price structure and a favorable risk-reward set up
* Going ahead we expect the stock to resume its up move and head higher towards | 121 levels in the coming weeks being the 61.8% retracement of the immediate previous breather (| 131-99)
* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias
Buy Steel Authority of India Ltd @ 109.00-112.00 TGT 121 SL 104.50
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