Real-time Stock quotes, portfolio, LIVE TV and more.
Jul 12, 2012, 08.23 AM IST
IIFL is bullish on JSW Steel and has recommended buy rating on the stock with a target of Rs 690 in its June 28, 2012 research report.
“After consolidating for the past 5 weeks, JSW Steel has broken out of an ascending triangle pattern on the daily charts. Breakout is accompanied with an increase in trading volumes. The stock also is also trading above its 200-DMA. The stock has been trading in a higher top and a higher bottoms pattern, which is considered to be a bullish pattern. The uptrend in the counter is likely to resume once upper shadow of Wednesday’s candle, prevailing at levels of Rs671 is taken out. RSI clearly dictating solid uptrend and we expect buying interest to intensify above Rs671. Based on above observations, we recommend traders to buy the stock above Rs669 with stop loss of Rs660 for target of Rs690,” says IIFL research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Action in JSW Steel
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals