A TECHNICAL VIEW ON JSW STEEL LTD-19.10.2020

 

JSW STEEL LTD

Open-291.50--High-312.45--Low-290.75—Close-311.05 on 16.10.2020

Support:298.40/296.75/295.85/294.55/279.35/272.45/268.45/257.55.

Resistance:312.70/314/320.45/331.30/342.75/346.50/359.90/385.20/386.50/388.05/389/408.80/412.50/414.95/427.55 (all time high).

(Bold and underlined figures are most important)

Technically it is exhibiting tremendous strength and on a very sound footing and made Cup & Handle Pattern and also given the upside breakout from it therefore looking highly bullish now and the maximum upside target for this pattern could be 460 which may please be noted. The present range for it is between 314---297 therefore it can be bought if it moves above 314 and maintain with a short stop loss of 308 or can be bought on decline but not below 297 with a stop loss of 295. Please note that the authentic stop loss would be 295 only because pattern will fail if it sustain below 295. It is suggested to have long position above 314 in any case. Kindly note that to reach the targeted level it will face resistance at 329—360---399---428. The bias is hugely bullish as of now.                                                                                                             

It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.