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Last Updated : Dec 07, 2018 12:01 PM IST | Source: Moneycontrol.com

Buy Jindal Steel & Power, target Rs 164: Hadrien Mendonca

The risk-to-reward ratio also seems to be in favor of the bulls. Investors can hold longs with a mentioned stop loss on a closing basis, says Hadrien Mendonca of IIFL.

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Hadrien Mendonca

Jindal Steel & Power has fallen significantly in the past four weeks and has now reached its falling trendline support zone. It has also formed a ‘Hammer’ candlestick pattern on the daily chart giving early signs of a short-term reversal.

The risk-to-reward ratio also seems to be in favor of the bulls. Investors can hold longs with a mentioned stop loss on a closing basis.

Disclaimer: The author is Senior Technical Analyst at IIFL. The views and investment tips expressed by investment experts 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.
First Published on Dec 7, 2018 12:01 pm
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