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Technical Observations

* The metal space continues to remain in strong up trend as the Nifty Metal index has recently registered a breakout above last two months range signalling continuation of the up trend

* The share price of Sun flag Iron & steel has witnessed breakout from last 3 months range (| 89-74) signaling strength and offers fresh entry opportunity

* We expect the stock to head towards | 104 levels as it is the measuring implication of the recent range breakout (89-74)

* The stock has formed higher base at 50 days EMA which has acted as strong support since May 2020. Immediate support is place at | 87 levels as it is the 61.8% retracement of recent up move (80-96)

* Among oscillators, Stochastic has generated buy signal indicating positive bias and further upward momentum in coming sessions

Buy Sunflag Iron & Steel Company Ltd @ 92.00-95.00 TGT 104 SL 87

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