Steel Sector May See More Downside: Demands Low, Jindal Steel Hit by Mines closed in Bellary

Jindal Steel & Power Ltd. is the flag ship company of O.P Jindal group. This company was listed on NSE on 29 December 1999, looking at the stock chart we see that the price action was showing the bullishness on the stock and we are sure that the long term trend is likely to continue. At the CMP (current market price) we see that the stock is trading in the range and there should be a breakout soon in the direction of the daily trend, as consolidation cannot be ruled out for the longer period of time. We recommend traders / investors to enter the long trades above the upper band of the range i.e above the 750 level for the targets as 870 and 950 levels and place the stop loss below 600 level. The technical indicators are in favor of the trade and suggest to enter only long (buy) trades.
Fundamentally this is very strong stock and the company valuations are very good even at the current levels. The steel sector is going to witness very strong growth in the coming years.
Jindal Steel & Power

About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.

Comments

  1. sameer singh says

    Plz update on Bajaj Auto. I am short on this stock @ 2100(Jan Future).
    Kindly suggest the S/L and Target for the same.
    waiting for your earliest response.

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