Sell JINDAL STEEL & POWER
|Sell Range||95 – 85|
|Target||75 – 62|
|Duration||15 – 20 Trading Days|
|Potential Returns^||17 – 32%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Returns^|
|88.85||SELL||95 – 85||75 – 62||102.5||15 – 20 Trading Days||17 – 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.
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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.
|Sectoral Index||Nifty Metal|
JINDAL STEEL & POWER TECHNICAL ANALYSIS (WEEKLY)
- 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)
- 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.