JSW Steel Technical Analysis #1: Buy | Target Rs 380 | Arijit Banerjee


Buy Range332 – 340
Target380 – 390
Duration50 – 60 Trading Sessions
Potential Return^14 – 17%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
336.65BUY332 – 340380 – 39032050- 60 Trading Sessions14 – 17%

# CMP on Nov 19, 2018
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 358.
^ The returns are calculated based on CMP#


JSW Steel is the second-largest private sector steel company, spanning their business over 140 countries having product range of TMT bars, hot-rolled, cold-rolled, galvanized sheets, wire rods & special steel bars, rounds & blooms. JSW Steel is part of O.P.Jindal Group. In Q2FY19 the company’s Net Profit jumped by Rs.1603 crore for the September 2018 quarter, against Rs 829 crore in the year-ago period. This Sajjan Jindal led firm had offered to pay 19,350 crores for the takeover of the debt-ridden firm Bhusan Power which is further to be approved by NCLT.

Stock Data
52W High427.55
52W Low237.6
Face Value1


  • A weekly trendline has drawn since May 2017. The trendline is positive.
  • Buying at support will be a good opportunity. This way we are respecting the main trend.
  • Price is now on the Upward trend line. Buying here can have a good risk-reward ratio.
JSW Steel Weekly Chart
JSW Steel Weekly Chart


1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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