JSW Steel Ltd. CMP—Rs 652.75

Technical Outlook & Trading Strategy:-

The share price of JSW Steel has registered a breakdown from a Reverse Flag formation, which is a bearish continuation pattern and suggests the stock has gained momentum for a fresh down move after a small consolidation.

We recommend selling the stock below Rs 646 for the targets of Rs 621 / Rs 605 with the stop placed above Rs 667.80.

Asian Paints Ltd. CMP— Rs 3148.00

Technical Outlook & Trading Strategy:-

The share price of Asian paints had been consolidating sideways in the narrow range Rs 3010 - Rs 3120 levels since the past few sessions.

With the smart gains in today’s session the price now has given a break-out above this consolidation range.

It has also has closed above its short term moving averages. We believe that these breakouts

augur well for the stock price and could propel it to levels of Rs 3230 / Rs 3260 in near term.

We recommend buy above Rs 3155 with a stop loss placed below Rs 3084 levels.

Trading Recommendation for 9th Aug

Oil & Natural Gas Corporation Ltd. CMP— Rs 283.10
Technical Outlook & Trading Strategy:-

The Share price of ONGC has registered a strong bounce back from its weekly support level of Rs 269 levels. On the daily chart the stock has closed above its short term moving averages. We believe that the stock could move up to the levels of Rs 292 -Rs 295 /Rs 300 in the near term.

We recommend traders to buy at current levels and again on pullback to the Rs 280 – Rs 278 with a stop loss placed below Rs 273 levels.