NIFTY METAL- tatsteel ,jswsteel, hindalco, vedl analysis
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 :
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.
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)
HINDALCO
similar to jswsteel stock was in strong consolidation in between 200-180 level .
VEDL
Comment:
tatstell 55o target achieved
more to come 580 on cards
jswsteel 221 achieved
vedl 260
hindalco 195( only laggard)
more to come 580 on cards
vedl 260
hindalco 195( only laggard)
Trade closed: target reached
Comment:
all target hit
KA
range for now 3020- 2900