Buy JSW Steel Jan Fut above Rs 761.5; target Rs 794.5: IIFL
According to IIFL, traders can buy JSW Steel January Future above Rs 761.5 for the target of Rs 794.5 with a stop-loss of Rs 745.
December 17, 2012 / 14:24 IST
According to IIFL, traders can buy JSW Steel January Future above Rs 761.5 for the target of Rs 794.5 with a stop-loss of Rs 745.
"JSW Steel has been inching higher at lower pace with formation of higher tops and higher bottom but buying momentum as not picked so far. Recent short term correction has landed stock price near the support of 20 DMA but prices has not sustained below the support levels of Rs 745. A move past Rs 761.5 would confirm trend reversal and thereafter prices are likely to form higher high above Rs 790. Adding to it weekly RSI has been moving flat and has found strong cushion near 50 zone which also makes risk reward favorable. (Duration 12 days)," says IIFL research report.Institutional holding more than 40% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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