Technical Outlook & Trading Strategy:-
The metals sector witnessed heavy selling pressure on Friday’s session of trade. The price of Jindal Steel also fell on the back of strong volumes. The Rs 600 levels was the crucial support for the price of Jindal Steel.
On the weekly chart this breakdown has opened up downside targets of Rs 540 / Rs 500 levels. The momentum indicators are also in sell mode and the price of Jindal Steel has also closed below its key moving average clusters since the past few sessions of trade.
We recommend trader to buy 560 PE between Rs 9- Rs 12 with a stoploss placed below 1 for targets of Rs 25 / Rs 30.
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