Trade Spotlight: These three stocks of Metal Pack earned strong earnings, now know what investment strategy should be ahead in them

Kshitij Anand

JSW Steel saw a 9 per cent gain on Thursday, with higher volumes. JSPL ran 7 percent. Whereas Tata Steel saw an increase of 5 per cent.

On 8 April, Indian markets saw an increase for the third consecutive day. In this, good global signals and softening of RBI’s monitoring policy contributed to this. In yesterday’s trade, the Sensex closed in the green mark, but closed below 50,000 due to profit recovery of upper levels. While the Nifty closed below 14,900. On Thursday, JSW Steel saw a 9 per cent gain in volume with heavy volumes. JSPL ran 7 percent. Whereas Tata Steel saw an increase of 5 per cent.

Let’s see what is the view of market giants on these three stocks

JSW Steel

Srikanth Chauhan of Kotak Securities says that on April 8, the stock created a new all-time high. The stock has seen a rise of over 40 per cent this month. The important thing is that this stock has not only broken its previous high, but has also been resting on it after breaking it.

However, if we look at the short-term time frame, there are indications that this stock is now in the over-bot zone and in the short-term it may see a decline. During the next few trading sessions, a zone of 585 to 565 will act as a trade decisioner for this stock. If this stock manages to stay above these levels, then we can see a level of Rs 650 in it. If the stock falls down to Rs 565, it can see a correction of up to Rs 540 in the short term.

Jindal Steel & Power

Srikanth Chauhan of Kotak Securities says that the stock saw a growth of over 8 per cent on 8 April. The stock had a gap opening on Thursday and it soon crossed Wednesday’s high with high volumes. An intra-day rally with a strong price value is an indication that there is still fuel left in the stock and may see a further rise. This stock can see a level of 435-450.

Tata Steel

Srikanth Chauhan of Kotak Securities says that the stock saw a gain of 5 per cent on Thursday. For the last 3 weeks, the stock has been witnessing a sharp rise and has risen from Rs 700 to Rs 950. The stock has formed a strong breakout continuation pattern on the Daily and Weekly charts. Which indicates that the stock will continue to rise in the near term.

But the intra-day chart indicates that if the price slips below 880, then the stock may be weak. The level of Rs 880 will be very important for swing traders. Above this, the close can take this stock to Rs 950-990. On the other hand, if the stock slips below Rs 880, then selling pressure will be seen increasing in it.

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