Comments
Investors with a short-term perspective can sell the stock of JSW Steel at current levels. It has been in an intermediate-term downtrend since registering a new high at ₹427 in September 2018.
The medium and short-term trends are also down for the stock.
In early May, the stock encountered a key resistance at ₹310 and continued to trend downwards. While trending down, the stock conclusively breached its 21- and 50-day moving averages and has been trading well below them.
On Wednesday, the stock fell by almost 3 per cent with above average volume breaching a key support at ₹260.
The stock can continue to trend downwards and reach the price targets of ₹244.50 p and ₹239.50 p in the upcoming trading sessions. Traders with a short-term view can sell the stock with a stop-loss at ₹260.50 p .
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.