Buy JSW Steel; target of Rs 690: IIFL

“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.

FIIs holding more than 30% in Indian cos

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