Intraday Stock Trading For Today: Short Sell JSWSTEEL Near 895 for Target 874, Steel Sector Down

Today’s stock advice for intraday trading is on JSWSTEEL, as the stock has been in news that the company was engaged in illegal mining and we have seen huge selling in the stock since last Thursday the JSWSTEEL stock has corrected by more than 18% since last week. So near term trend for this stock will be bearish and we are trading in the direction of the trend, so we will look for buying opportunities as long as the stock is below 990 levels. High risk traders can go short on JSWSTEEL futures contract or buy options contract for intraday trading. Also today the stock is down by 10% and we expect more selling coming into this stock. Taking a look at the charts we see that the trend is more likely to be bearish for today, So this stock may attract more sellers on every pull back today. The volume is also very high with constant selling. Technical indicators are also in favor of this trade, stock JSWSTEEL. We also advice investors to stay away from this stock, un till the direction is clear for near term.

For intraday trading we can go short sell in this stock near 895 levels for targets as 883 and then 874 levels, it is also recommended to place the stop loss near 903 levels.