In this self explanatory series I will be posting charts with pure technical analysis only without full length explanations , Traders can ask their doubts in comments section, Happy trading.
Disclaimer : This idea was to just give you an insight about my own view and personal observations. Please do your own research or consult an investment advisor before doing...
Few pointers from my analysis on JINDAL STEEL AND POWER.
1. The stock has been in a significant uptrend , making higher high and higher low formation.
2. The stock has consolidated for good amount of time in the big continuation flag pattern.
3. The stock has been respecting all major Fibonacci retracement levels and has in-fact retraced upto fibo .618 level ,...
The stock was in uptrend since its IPO. Recently after some strong candles the stock was moving sideways. Today the stock has come out of that sideways movement and formed HH HL structure. Can be a low risk entry here.
Do not Trade in between 35653 - 35070 .
As you all can see , Bank Nifty is respecting the Red Tredline marked on chart and had been making Higher - Highs & Higher Lows CContinuosly .
So , there is enough room after 35653 . If BN Sustains above that levels we could see a Trending Market with Big Targets
We'll only find buying oppotunities today .
The stock is trading in higher high and higher low formation.
Immediate support lies around 1220.
I expect some sort of consolidation and correction in the current zone i.e. 1220 to 1300.
It can be accumulated in dips till 1220 for higher target.
Target: 1335, 1380, 1500
SL: 1190-1200 on daily closing basis.