OUR RECOMMENDATION
| CMP# | 284.5 |
| Idea | BUY |
| Buy Range | 279 – 284 |
| Target | 304 – 315 |
| StopLoss* | 268 |
| Duration | 15 – 20 Trading Sessions |
| Potential Return^ | 7 – 11% |
| CMP# | Idea | Buy Range | Target | StopLoss* | Duration | Potential Return^ |
| 284.5 | BUY | 279 – 284 | 304 – 315 | 268 | 15 – 20 Trading Sessions | 7 – 11% |
# CMP on Feb 26, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 294.
^ The returns are calculated based on CMP#
COMPANY OVERVIEW
JSW Steel is the second largest private sector steed company, spanning their business over 140 countries having product range of TMT bars, hot rolled, cold rolled and galvanized sheets. Moody’s service had revised their outlook to be positive. In Q3FY19 the company’s net income was improved by 11% to Rs.20,355 crore and Net Profit dropped by 10% YOY to Rs.1603 crore. This Sajjan Jindal led firm had offered to pay 19,350 crores for a takeover of the debt-ridden firm Bhusan Power which is further to be approved by NCLT.
| Stock Data | |
| NSE Code | JSWSTEEL |
| Sector | Nifty Metal |
| 52W High | 427.55 |
| 52W Low | 256.6 |
| Face Value | 1 |
TECHNICAL OBSERVATIONS (WEEKLY)
- Stock Price recently make Breakout above the true crucial Weekly Resistance, at 280.
- The breakout above the upper side shows further bullishness.
TECHNICAL OBSERVATIONS (DAILY)
- Last few days stock is trading above the 15 days MA and recent closing near the Upper Bollinger Band showing the confidence of our view.
- Volumes have gone up along with price rise.
- Overall a positive chart and momentum pattern indicating an opportunity for a BUY trade.
