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Last Updated : Jun 29, 2018 12:06 PM IST | Source: Moneycontrol.com

Buy JSW Steel, target Rs 348: Hadrien Mendonca

The relative strength too seems to be bouncing before hitting the oversold zone, which further accentuates our stance of a recovery in the stock, says Hadrien Mendonca of IIFL.

 
 
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Hadrien Mendonca

Our weekly chart analysis indicates that JSW Steel has reached its rising trend line support zone. In addition, there is also a horizontal neckline of the previous breakout acting as a strong support area on the daily chart.

The relative strength too seems to be bouncing before hitting the oversold zone, which further accentuates our stance of a recovery in the stock.

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Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Jun 29, 2018 12:06 pm
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