Trade Idea of The Day - JSW Steel Ltd Target Rs. 50 - Religare Broking Ltd
JSW Steel Ltd
SELL 24 FEB 1150 PE BUY 24 FEB 1100 PE Entry Range 15-16 Target Range 5 Stop Loss 21
Rationale
JSWSTEEL
* has sustaining above the key moving averages of 20-DEMA and 50-DEMA, indicating a resumption of the broader based uptrend after a healthy pullback.
* On the daily chart the prices are forming higher lows near the rising trendline, reflecting strong buying interest on declines and a constructive price structure.
* RSI hovered near 55 mark, indicating bullish strength and along with this MACD histogram are placed in in a positive trajectory after the bullish crossover on the daily timeframe
* As long as prices sustained trade above 1160–1170, immediate upsides are 1200-1220 for the coming sessions, as any dips toward the moving average zone may attract fresh buying interest.
