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Buy Jindal Steel; target Rs 510: Nirmal Bang
Nirmal Bang is bullish on Jindal Steel & Power and has recommended buy rating on the stock with a target price of Rs 510, in its January 10, 2012 research report.
Nirmal Bang is bullish on Jindal Steel & Power and has recommended buy rating on the stock with a target price of Rs 510, in its January 10, 2012 research report.
"Jindal Steel & Power, the decline from its recent November'11 highs halted near the crucial support levels of `445-`450 levels and formed a Bullish Inverted Head & Shoulder Pattern. The Right shoulder formed a Bullish Hammer with a long lower shadow which further increases the strength of the current pattern. The counter has given a bullish breakout from the Inverted Head & Shoulder pattern with a big white candle which is a bullish signal. The stock simultaneously observed the violation along with the falling resistance line which increases the probability of a successful breakout. The RSI has breached the descending trend line drawn from its October'11 highs; which is a bullish signal. The prices are likely to face resistance in the medium term near the 100 sma which stands at `515 levels respectively."
"Buy Jindal Steel & Power at CMP Rs 494; Stop Loss: Rs 486; Targets: Rs 510; Rs 518 (Short Term 2-3 days) & Rs 535; Rs 545 (Medium Term Holding Period 2 Weeks.)," says Nirmal Bang research report.
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