Technical Analysis

Sizzling Stocks - JSW Steel (Rs 636.2)

Yoganand D. | Updated on December 03, 2011 Published on December 03, 2011


The stock has been in a medium-term sideways consolidation in the broad range between Rs 535 and Rs 735 since this August. After taking support in the zone between Rs 535 and Rs 550, JSW Steel moved up 14 per cent accompanied by above-average weekly volumes. The stock is testing its 21- and 50-day moving averages and is likely to breach them emphatically. However, the stock has key long-term resistance ahead at Rs 655; strong break through of this level will lift the stock higher to the upper boundary of the sideways range. Decisive rally further will make the stock advance higher to Rs 840 in the medium-term. Key resistances above Rs 840 are at Rs 900 and Rs 1,000.

Immediate support for the stock is at Rs 570. Plunge below the lower boundary of Rs 535 will pull the stock down to Rs 475 and to Rs 450.

TTK Healthcare (Rs 464.9)

Following a medium-term corrective downtrend from its life-time high of Rs 680 marked in August 2011, the stock found support in the band between Rs 340 and Rs 360. The stock resumed its long-term uptrend by skyrocketing 27 per cent, taking support from the above-mentioned support zone last week. Since early 2009, the stock has been on a long-term uptrend. Strong rally above Rs 530 will accelerate the stock higher to Rs 650 in the long-term. Key supports below Rs 340 are positioned at Rs 300 and Rs 260

Short-term resistance is at Rs 490, inability to move above this level will pull the stock down to Rs 430 or even to Rs 400 in the forthcoming weeks. However, a conclusive move above Rs 490 will take the stock higher to Rs 540.

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





This article is closed for comments.
Please Email the Editor