Kayani steel has broken its resistance 269 with great volume, short term target 345. One can initiate the buying at current level and add more till 269. Stop loss would be 260
Hello Traders !
KALYANI STEEL charts looking very strong , given range breakout with good volume today.
Can be a good candidate for positional.
DISCLAIMER
( Educational Purpose )
All investments involve risk.
Please Do your analysis before initiating Any trade
Good luck !
STOCK IS GIVING BREAKOUT ON MONTHLY CHART.
NEED MONETHLY CLOSING ABOVE 270 FOR CONFIRMATION.
CAN EXPECT 20-30% RETURNS IN POSTIONAL TIME FRAME.
VIEWS ARE NEGLECTED BELOW 270 MONTHLY CLOSING.
Kalyani steels(KSL) - CMP 269
Company incorporated in 1973 and it's part of $2.1 bn Kalyani group. It's into leading manufacturing of forging and engineering quality carbon & alloy steels.
Company has both indian & international clients. Some of the noted clients are Tata motors, Ashok Leyland, Jindal saw, Indian railways,caterpillar, Ford,Volvo,etc.
Why it's...
Found a Nice H&S analysis of Kalyani steels. Checked how it would look like in profile data/Fib. analysis of the same but on monthly data.
1. Price could move with a small pull back towards ~323 and retest back to 60%fib level before going up further to the VAH levels.
Kalyani steel shows Cup-Handle. Along with Triangle breakout.
Fundamentally its a good company and seems to be demand for Steel is picking up.
Levels explained in the chart
