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Sell Jindal Steel Fut below Rs 530: IIFL
According to IIFL, traders can sell Jindal Steel & Power February Futures below Rs 530 with stop loss of Rs 540 for target of Rs 505, in its January 30, 2012 research report.
According to IIFL, traders can sell Jindal Steel & Power February Futures below Rs 530 with stop loss of Rs 540 for target of Rs 505, in its January 30, 2012 research report.
"Jindal Steel and Power has recently signaled trend reversal below Rs551 which is its 200-DMA and with broader pattern indicating near breakdown from rising wedge, stock could be heading below Rs500 in the near term. Inability of stock to conquer ground above its 200-DMA reinforces negative trend in the counter. The daily RSI too has retreated from short term overbought zone and has good cushion to decline, before entering into oversold terrain. We recommend going short on Jindal Steel and Power February Futures below Rs 530 with stop loss of Rs 540 for target of Rs 505 (Duration 4 days)," says IIFL research report.
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