Buy Jindal Steel & Power, target Rs 250: Shabbir Kayyumi

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Shabbir Kayyumi

Jindal Steel & Power is in a correction mode since early 2018. A bullish Sea-pony harmonic pattern visible on the chart of Jindal Steel is a bullish reversal pattern based on various Fibonacci ratios and one which marks the end of a price decline.

Low of Rs 208 made by Jindal Steel on 28th June is the inflection point D of this harmonic pattern that started getting built when Jindal Steel had hit of yearly high of Rs 294 in January 18.

Price is expected to find a bottom here and potentially reverses to the upside. Formation of Morning star on daily chart is likely to set stage of bottoming out around Rs 215-220 zone.

Price can be expected to head higher in the days ahead, potentially towards Rs 235 and Rs 250 marks. View will invalidated if it closes below Rs 205 mark.