Fundamental: NiftyMetal has already been declined by 8.5% which result into bearish momentum. Now it has been anticipated the metal stocks are going further down due to contraction in Tangshan steel production which effect the Metal industry and likely construction prices are hiked and stay in pressure in the whole month JUNE,2021
However Manufacturing PMI of may,2021 has been declined by (9%) and the upcoming service PMI that will be announced on this Thursday will come out with poor numbers as Unemployment rate has been double from April Fiscal year (2020).
Technical: Rising wedge from bearish 4H trend is come out with low volume which is against the harmonics of Rising wedge. Sail is high BETA stock with 1.20B as compare to Index NIFTYMETAL...
Structure-
(Short) Short the market is unethical from the perspective of a Investor Breakout: @116.17 Retest: @116.17-@119 Entry: @115 Exit: @101.25 (minimum) 95 (maximum)
(Long) Breakout: 100 from 95 pullback Entry: @102 Exit: @122.60 (minimum) @143 (maximum: Long term only)
Recently SAIL have received a order for constructing the advance Railway tracks that should be more balanced than china high-speed bullet tracks...Closure of agreement of net-settlement amount has not been confirmed yet.
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