NIFTY METAL- tatsteel ,jswsteel, hindalco, vedl analysis
Updated
metal index saw a good up move in last 2 days .rsi has broken the symmetrical triangle on daily chart and index is approaching rectangle top and a falling trend line . price behavior and rsi suggest we might see a breakout in coming days.
now lets analyse major heavyweights of metal index -
1. TATASTEEL :
TATASTEEL
stock after giving strong result showing its strength and all ready for a up move. stock has resistance in between 506-510 range but macd crossover as weel as price behavior suggest we might see a breakout and price can hit 2014 June high oh 579.
2. jswsteel :
JSWSTEEL
stock has been in deep consolidation from last 6 month .we can say stock underwent a time wise correction. for the first time price closed above 200 on weekly basis . we expect a immediate up move till 220.
support near 190 (trendline support)
3. hindalco :
HINDALCO
similar to jswsteel stock was in strong consolidation in between 200-180 level .
4. vedl:
VEDL
now lets analyse major heavyweights of metal index -
1. TATASTEEL :
TATASTEELstock after giving strong result showing its strength and all ready for a up move. stock has resistance in between 506-510 range but macd crossover as weel as price behavior suggest we might see a breakout and price can hit 2014 June high oh 579.
2. jswsteel :
JSWSTEELstock has been in deep consolidation from last 6 month .we can say stock underwent a time wise correction. for the first time price closed above 200 on weekly basis . we expect a immediate up move till 220.
support near 190 (trendline support)
3. hindalco :
HINDALCOsimilar to jswsteel stock was in strong consolidation in between 200-180 level .
4. vedl:
VEDLNote
either side breakout should decide fate of metals.
range for now 3020- 2900
Note
tatstell 55o target achieved
more to come 580 on cards
jswsteel 221 achieved
vedl 260
hindalco 195( only laggard)
Trade closed: target reached
Note
all target hit
KA
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