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⭐️ Ultra Equity Advice #123 | Sell | Expected Profit 17-32%

OUR RECOMMENDATION

  Sell    JINDAL STEEL & POWER  

CP#88.85
IdeaSELL
Sell Range95 – 85
Target75 – 62
StopLoss*102.5
Duration15 – 20 Trading Days
Potential Returns^17 – 32%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
88.85SELL95 – 8575 – 62102.515 – 20 Trading Days17 – 32%

# CP – closing price on Mar 27, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 80.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW - JINDAL STEEL & POWER

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. In Q3FY20 Jindal Steel and Power Limited has reported the consolidated Net Loss of Rs. 218.57 crore, profit dropped by 832.56% YOY.

Stock Data
NSE CodeJINDALSTEL
Sectoral IndexNifty Metal
52W High202.4
52W Low86
Face Value1
Relative Performance_Jindal Steel & Power vs Nifty Metal Index

JINDAL STEEL & POWER TECHNICAL ANALYSIS (WEEKLY)

Jindal Steel Technical Analysis Weekly Chart
Jindal Steel & Power Technical Analysis - Weekly Chart
  • The primary trend is negative for this stock. Since 2008, the stock had been moving in a wide falling range as marked by Multiyear Support and Resistance.
  • Jindal Steel and Power share price recently made a downside Breakout and fallen below two crucial Support as follows:
    (i) Support-Resistance zone breakout: Looking at the historical price action, we find this zone act either support or resistance since 2008.
    (ii) Trendline Breakout since 2016.

JINDAL STEEL & POWER TECHNICAL ANALYSIS (DAILY)

Jindal Steel Technical Analysis_Daily Chart
Jindal Steel Technical Analysis - Daily Chart
  • The share price has been declining trend since the beginning of March 2020 after a valid trendline breakout and gap down open, which indicates a sharp weakness over the last few days.
  • Jindal Steel and Power stock price is consolidating in a sideways direction and formed a ‘Symmetrical Triangle’ pattern on the daily chart.
  • Momentum indicators like the 14-days RSI is below 30, which points out for a negative breath in the stock.

JINDAL STEEL & POWER SHARE PRICE LIVE UPDATE - POSITION & ACTIVITIES

Position: Short Jindal Steel & Power at ₹ 87 by GoodluckCapital on TradingView

Position: Short Jindal Steel & Power at ₹ 87 by GoodluckCapital on TradingView

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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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