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India Infoline puts SELL on JSW Steel

India Infoline puts SELL on JSW Steel
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First Published: Wed, Mar 25 2009. 10 37 AM IST
Updated: Wed, Mar 25 2009. 10 37 AM IST
On the daily chart, the stock has formed a bearish Dark Cloud Cover. It signals a top reversal after an uptrend. On Tuesday, the stock opened strongly above the previous day high.
However, it closed near the low of the day and well within the prior day’s white candlestick body.
Traders should wait for the low of the first candlestick in the pattern to be breached (i.e Rs189). A fall below Rs189 could see the stock attempting the levels of Rs180 and below in the near term.
The supportive indicators also suggest that the stock has formed a near term top around the levels of Rs207 and is set for decline in the coming sessions.
We recommend traders to SELL the stock between Rs188-192 with a stop loss of Rs197 for an initial target of Rs178.
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First Published: Wed, Mar 25 2009. 10 37 AM IST
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