Technical Analysis

Immediate outlook turns positive for JSW Ispat

K. S. Badri Narayanan | Updated on November 15, 2017 Published on January 14, 2012


JSW Ispat Steel: After sliding sharply to fresh lows, the stock of JSW Ispat managed to arrest the downtrend. The short-term outlook, in fact, has now turned positive for the company after Friday's strong rally.

The stock finds a crucial resistance at Rs 13 now and a close above this level will reiterate its optimistic outlook and trigger a fresh rally.

In that event, JSW Ispat Steel has the potential to reach Rs 22, though Rs 15.5 will act as a minor resistance in between.

F&O pointers: The JSW Ispat Steel January futures added fresh longs on Friday trade.

The counter saw an accumulation of 6.86 lakh shares. Options are not that active.

However, the little cues available suggest that Rs 12.5 could act as a major resistance.

Strategy: Traders can go long on JSW Ispat Steel keeping a stop-loss at Rs 11.4. If it opens Monday on a positive note and rules comfortably above Rs 12.5, then shift the stop-loss to Rs 12.5 and hold it for an initial target of Rs 15.5. The strategy is only for traders with a high-risk appetite as the market lot is 14,000 shares per contract.

Indraprastha Gas: The outlook turned negative for the stock as it closed below its long-term support level of Rs 348.

It now finds support at Rs 294 and a close below that will weaken the stock towards Rs 275.

F&O pointers: The Indraprastha Gas futures witnessed fresh accumulation of short positions on Friday, when the share price crashed sharply by about 8 per cent. None of the options have seen any activity so far in this series.

Strategy: Short Indraprastha Gas with a stop-loss at Rs 348 for an initial target of Rs 295.

Feedback or queries (on positions) may be sent to >f&o@thehindu.co.in, >blfuturesoptions@gmail.com by Sunday noon. Replies will be published on Monday.

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