vedl with lot of news flow in the counter , despite having it i see the stock as undervalued upto 78 zones , technically weak below it now and from here can try to give a quick upmove for 130 /144 zone
TREND ANALYSIS & TRADE SETUP
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Moving towards up with 130 support level and bull track starts @ Jindal Steel & power in two categories.
* Long for short term traders :
Present market to 152 range target (6%)
* Long for long term investors:
Partial buys, with present market and buy stop level (159). For both levels 188 is target range (30%)
* Crucial range :
152 to 158 will be the...
At the level of Rs 165, its short term bottom has been created. If the stock stays above 168 rupees then this recent swing can reach Rs.191. "Possessional traders can now buy their shares after falling further to close to Rs. 170."
Most metal shares were trading in the positive zone in Friday's morning session. Jindal Stainless (Hisar) (up 2.16 per cent), NMDC (up 1.94 per cent), Hindalco Industries (up 1.78 per cent) and National Aluminium Company (up 1.04 per cent) too were trading higher. JSL create buy volume at 38.85 again create strong buy 38.95 after that create very strong buy 39.20
Trade Idea: Short Jindal Steel below 174.5
1) Price Rejection on break of highs
2) Swift move lower after testing new highs
3) Threatening to break pivot at 175
4) Moving Averages lined up to the head of the candle
For education purpose only