Niftymetals
JINDAL STEEL & POWER - Multiple Indicators 📊 Script: JINDALSTEL (JINDAL STEEL & POWER LIMITED)
📊 Nifty50 Stock: NO
📊 Sectoral Index: NIFTY 500, NIFTY METAL, NIFTY MIDCAP
📊 Sector: Commodities, Metals & Mining
📊 Industry: Ferrous Metals, Iron & Steel
Key highlights: 💡⚡
📈 Script is trading at upper band of Bollinger Bands (BB) and giving breakout of it.
📈 MACD is giving crossover .
📈 Already Crossover in Double Moving Averages.
📈 In weekly time frame MACD is giving crossover.
📈 Current RSI is around 68.
📈 One can go for Swing Trade.
⏱️ C.M.P 📑💰- 433.35
🟢 Target 🎯🏆 - 473
⚠️ Stoploss ☠️🚫 - 415
⚠️ Important: Always maintain your Risk & Reward Ratio.
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Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
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Nifty Metal Trend AnalysisWeekly closing above trendline support with bullish RSI divergence shows bullish bias.
Potential broadening wedge pattern is more likely to form as highlighted if it sustains above trendline support on weekly timeframe.
If this plays out as expected, then the max upside should be around 7250 level (top of the wedge pattern).
Everyone is having a bearish outlook because of export duty hike on steel (15% on steel & 50% on iron ore).
If you check the fundamentals, most of the stocks have reported highest ever net profits for the last FY making these stocks highly undervalued as per their PE and BV.
If broadening wedge pattern forms and it breaks upside, then the resistance will be around 10500 level and the support will be around 3300 level if breaks downside.
Will see what plays out.
Kindly do your own due diligence before taking any action.
Peace!!
Hindalco: U-Turn?Price formed a double top pattern at major resistance level (on monthly charts). At retest of the support, price has formed a Gravestone Doji followed by Bearish Engulfing (on daily charts) both of which are negative signals. Since past 2 years corrections have been triggered from the month of January, again this cycle may be repeated
