Trade Idea of The Day - JSW Steel Ltd Target Rs.15 - Religare Broking Ltd
JSW Steel Ltd
BUY 30 MAR 1120 PUT SELL 30 MAR 1100 PUT JSW Steel Ltd Entry Range 8 – 9 Target Range 15 Stop Loss 5
Rationale
* On the daily chart JSWSTEEL has decisively slipped below its 200-DEMA, indicating a structural breakdown in trend and signalling sustained weakness in the broader price structure.
* The formation of a consistent lower top–lower bottom pattern highlights a well-established intermediate downtrend, reflecting persistent selling pressure on every rise and lack of strong buying interest at higher levels.
* Momentum indicators remain weak, with RSI trending in the lower band and MACD histogram traded in a negative territory, reinforcing the bearish undertone and absence of reversal signals.
* Any short-term pullback is likely to face resistance near the long term moving average zone, keeping the overall bias negative with a sell-on-rise approach in the near term.
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SEBI Registration number is INZ00017433
