JSW STEEL CMP - Rs 580
Technical Outlook & Trading Strategy:-
The key observation to be made is that the price of JSW Steel has registered a breakdown from its head and shoulder pattern on the intraday charts. This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to levels of Rs 525 levels. The momentum indicator is also in sell mode. The stock has also closed below its near term moving average.
We recommend traders to sell 50%now and again in the range of Rs 585 – Rs 588 levels with a stop loss placed above Rs 600.6 levels for targets of `525 levels, expected to be achieved in coming few Sessions.
Reliance Power Limited CMP—Rs 86.8
Technical Outlook & Trading Strategy:-
The share price of Reliance Power has fallen from the highs of Rs 119.9 on 26th July 2011 to the lows of Rs 75.1 Levels.
The stock has since then pulled back and tended to trade within the Rs 75.1---Rs 87.25 range. On the daily chart the Stock has managed to close above its cluster of moving averages. The momentum indicator on the daily chart is also in a bullish zone suggesting more upside in the stock.
We recommend traders to buy 50% now and again in the range of Rs 86—Rs 86.5 levels with a stop loss placed below Rs 84.8levels for targets of Rs 92/Rs 94 levels.
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