May 25, 2017
Jindal Steel & Power (NSE Cash)
BUY
` 109.50
` 116 - 117
` 130
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 14:50 IST)
Justification:
This stock has consolidated in a narrow range in last 5 - 6 weeks. Today, we are witnessing a breakout from this congestion
zone along with substantial rise in volumes. Looking at the daily chart, we expect resumption of its higher degree uptrend
soon. As far as oscillators reading is concerned, the ‘RSI’ on weekly chart is placed well inside the overbought territory, which
according to us is an encouraging sign for the stock. Hence, we advise traders to buy this stock at current levels and on
declines at `116 for a target of `130 over the next 14- 21 sessions. The stop loss should be fixed at `109.50.
Sameet Chavan
022-3935 7600 Extn: 6552
1
May 25, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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