Kalyani Steels LongNSE:CNXMETAL is near a support region, after correcting significantly. And recently there with Nifty hitting the ATH and MIDCAP and SMALL CAP are underperforming a lot. So from this, we clearly understand that the capital is rolling from other sectors into BANK and Financial sectors. But this could be a turning point.
There are multiple convictions in this setup.
Bouncing from 0.7 FIB zone
Bouncing from 50 Daily EMA
And also the trendline
Hence this looks like a textbook trade, with a very good Risk Reward Ratio.
P.S : The company also has a good fundamentals too.
