Jindal Steel & Power Ltd

NSE :JINDALSTEL   BSE :532286  Sector : Steel

Steel Stocks today has seen selling pressure and JINDAL STEEL AND POWER was the Top Looser in the FNO Stocks. Closed 4.5% lower today. Stock fell on account of profit booking and Over valuation by Credit Swiss. As steel stocks trading at a decadal high relative P/B, the global brokerage advises caution and to book profits as well.

What’s Ahead? Technical Outlook of JINDAL STEEL & POWER:

Currently Stock is trading below 10 Days, 20 Days and 50 Days Exponential moving averages which indicate the short term trend is bearish. Today stock breached 50 days EMA and closed below it. Stocks is trading near support levels of 388, as the short term trend looks bearish it’s likely to breach the support levels.

Comparative RSI is bearish shows weakness may be seen in the stock in the next few trading sessions. From here if stock sustains below 388 levels provides opportunity to initiate fresh short positions for the target of 350.

If Jindal steel and power holds the current levels of 390 and does not break support levels trades above 410 we need to review the technical structure of the stock and stock above 410 levels will again enter into the bullish zone.

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