Aditya Agarwal Jindal Steel & Power has formed a Triangle pattern on the daily chart and last week stock confirmed its breakdown from said pattern. The daily Bollinger band has started expanding and that indicates the volatility is likely to increase from current level.
Hence, we advise traders to short this counter at the current level of Rs 225 with a price target of Rs 205. Stop loss should be placed at Rs 236 above which our bearish view will be negated.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. 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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