Technical Analysis

Jindal Steel Power (₹154.7): Sell

Yoganand D BL Research Bureau | Updated on June 17, 2019 Published on June 18, 2019

Investors with a short-term perspective can consider selling the stock of Jindal Steel Power at current levels. The stock tumbled almost 6 per cent on Monday, breaching its 21-day moving average.

Following a short-term uptrend from the key support level of ₹130, the stock encountered resistance at ₹190 in early April 2019. Subsequently, the stock changed direction triggered by negative divergence. Since early April, the stock has been in a short-term downtrend. While trending down, the stock had decisively breached a key support at ₹170 as well as the 200-day moving average. Subsequently, this level turned into a key resistance and capped the upside recently.

Testing resistance at ₹170, the stock continued to trend downwards last week. It trades well below the 50- and 200-day moving averages. The daily as well as weekly price rate of change indicators hover in the negative terrain implying selling interest. Both the daily and the weekly relative strength indices feature in the neutral region with downward bias.

The short-term outlook is bearish. The stock can continue to trend downwards and reach the price targets of ₹148.5 and ₹145 in the ensuing trading sessions. Traders can sell the stock with a stop-loss at ₹158.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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