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SAIL trade ideas

Elliot Wave View: NSE SAIL (Short)January 27, 2022 NSE:SAIL by Dinesh Naidu (Elliotician) Hello Traders, In this technical analysis blog im going to take a quick look at the Elliot Wave Charts of SAIL Cash NSE. 2D Time Frame, Elliot wave analysis of SAIL suggests that the price could even drop form the current level, Next Support is @ 85.75 to 70.25 odd levels (61.8% Fib), SAIL has taken a very complex elliot wave corrective structure (3-3-5). Steel Authority of India Limited is a government owned steel producer based in New Delhi, India. It is under the ownership of Ministry of Steel, Government of India with an annual turnover of INR 68,452 Crore for fiscal year 2020–21. Incorporated on 24 January 1973, SAIL has 63,433 employees. SAIL operates and owns five integrated steel plants at Bhilai, Rourkela, Durgapur, Bokaro and Burnpur (Asansol) and three special steel plants at Salem, Durgapur and Bhadravathi. It also owns a Ferro Alloy plant at Chandrapur. As a part of its global ambition, the company is undergoing a massive expansion and modernisation programme involving upgrading and building new facilities with emphasis on state of the art green technology. According to a recent survey, SAIL is one of India's fastest growing Public Sector Units. Besides, it has R&D Centre for Iron & Steel (RDCIS), Centre for Engineering in Ranchi, Jharkhand Disclaimer: The investments discussed or recommended in the market analysis, research reports, etc. may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and only after consulting such independent advisors as may be necessary.
NSE:SAILShort
by Dino_Naidu
2
SAIL: Nearing end of WXY correctionSince Mid August we are seeing price moving in corrective manner,there by forming WXY double correction.So far it seems like each correction took following forms. wave W:Regular Flat wave X:Zigzag wave Y:Regular Flat Current wave Count: Scenario:1 Wave y,sub wave c,sub wave 4(triangle wave E),going ahead we can see wave 5 unfolding on the downside but we won't see much price deterioration,hence one can start accumulating with wave 3 low 99 as a stop-loss and wave x high 132 as initial target which can be followed by it's prior pivot high of 142. Scenario:2 We might have completed wave y and currently we are either in wave X or wave 1 or wave A and as per this count also we can expect up move in the stock in the form of wave C or wave 3 taking price to previous pivot high of 132. PS:Personally favoring scenario 1 Disclaimer:This are my personal views on the stock no position should be build or exited on its basis.I am posting this just for my future reference
NSE:SAILLong
by UNDERDOG-29
10