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Investors with a short-term perspective can consider buying the stock of Steel Authority of India at current levels. Since taking support at around ₹66 in September, the stock has been on a short- to medium-term uptrend. In mid-October, the stock decisively breached its 200-day moving average and extended its rally. After taking a pause and consolidating sideways for about a week, the stock surged almost 4 per cent with above average volume on Monday. This rally has reinforced the bullish momentum and appears to have resumed its short-term uptrend. It is hovering well above its 50- and 200-day moving averages.
The relative strength index on the daily chart has entered the bullish zone from the neutral region. Those indicators on the weekly chart are also hovering in the positive territory signifying upward strength. The short-term outlook is bullish. Targets are ₹91 and ₹92.5 levels. Buy the stock with a stop-loss at ₹85.2.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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