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Technical Observations

* The share price of SAIL has rebounded after taking support at 200 day EMA also coinciding with multiyear breakout area around | 100, signaling resumption of up move and fresh entry opportunity.

* The stock has retraced 50% of its Jan-May up move (| 55-151), a shallow retracement signals a robust price structure and favorable risk-reward at current levels

* Going ahead we expect the stock to resume its up move and head higher towards | 126 being its November highs

* Among the oscillators the weekly RSI is in rising trajectory above its 9 period average thus validates positive bias.

Buy Steel Authority of India Ltd @ 113.00-116.00 TGT 126 SL 108

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