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Jindal Steel & Power Technical Analysis #96: Buy | Target Rs 150 | Arijit Banerjee

OUR RECOMMENDATION

CMP#134.05
IdeaBUY
Buy Range130 – 138
Target150 – 154
StopLoss*123
Duration12 – 15 Trading Sessions
Potential Return^12 – 15%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
134.05BUY130 – 138150 – 15412312 – 15 Trading Sessions12 – 15%

# CMP on Nov 05, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 142.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Jindal Steel & Power Limited operates in the steel, power and infrastructure business in Asia, Africa, Australia and the Middle East. The company manufactures track rails, crane rails, railway wagon, oil and gas pipelines, TMT bars, angles, joints and operates in refinery projects, metro rail projects, structural fabrication, general engineering etc.

Stock Data
NSE CodeJINDALSTEL
Sectoral IndexNIFTY 500
52W High192.6
52W Low91.05
Face Value1
Relative Performance_Jindal Steel & Power vs Nifty 500

TECHNICAL OBSERVATIONS (MONTHLY)

  • Stock Price has recently made monthly Breakout above the true crucial Resistance, at 118.
  • Price has been holding above the support zone as displayed in the chart.
Jindal Steel & Power Monthly Chart
Jindal Steel & Power Monthly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Last few trading sessions, the stock has made Higher Tops and Higher Bottoms at Daily Chart.
  • The strong breakout rally of last five days ago signalling further northward journey in coming sessions.
  • ADX and +DI – both are above 25, indicates buying momentum and probable further rise.
Jindal Steel & Power Daily Chart
Jindal Steel & Power Daily Chart

MONEY MANAGEMENT AND TRADING RULES

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.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

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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