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.
Monday, August 1, 2011
ABG Shipyard Ltd. CMP—Rs 388.40
Technical Outlook & Trading Strategy:-
On the daily chart the share price of ABG Shipyard is sustaining above its cluster of moving averages for past few sessions. On the weekly chart the stock has registered a breakout from a symmetrical triangle pattern.
It should be noted that symmetrical triangle breakout signify consolidation and suggest price advances. The momentum indicators are also in a bullish zone.
We recommend traders to buy 50% now and again in the range of Rs 382 – Rs 385 levels with a stop loss placed below Rs 375.8 levels for targets of Rs 395 – Rs 405 levels, expected to be achieved in coming few Sessions.
On the daily chart the share price of ABG Shipyard is sustaining above its cluster of moving averages for past few sessions. On the weekly chart the stock has registered a breakout from a symmetrical triangle pattern.
It should be noted that symmetrical triangle breakout signify consolidation and suggest price advances. The momentum indicators are also in a bullish zone.
We recommend traders to buy 50% now and again in the range of Rs 382 – Rs 385 levels with a stop loss placed below Rs 375.8 levels for targets of Rs 395 – Rs 405 levels, expected to be achieved in coming few Sessions.
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