SAIL: Steel Authority of India Ltd - Breakout View
Date: 8-Jul-2024
Rating: Buy - Positional View
LTP: Rs. 155.61 (on 5-Jul-2024)
Targets: (1) Rs. 175 --> (2) Rs. 188 --> (3) Rs. 210
SL: Rs. 140 on daily close basis
Technical View:
•
SAIL is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 175.35 on 22-May-2024, it has retraced 29% to 124.80 level.
• On 5-Jul-2024,SAIL has broke out from its secondary down trend with higher than average volume.
•SAIL is trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 54.16 and MACD is about give cross over.
• Looking strong to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional View
LTP: Rs. 155.61 (on 5-Jul-2024)
Targets: (1) Rs. 175 --> (2) Rs. 188 --> (3) Rs. 210
SL: Rs. 140 on daily close basis
Technical View:
•
SAIL is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 175.35 on 22-May-2024, it has retraced 29% to 124.80 level.
• On 5-Jul-2024,
SAIL has broke out from its secondary down trend with higher than average volume.•
SAIL is trading above 20 DMA, 50 DMA and 21 DEMA.• RSI is trading at 54.16 and MACD is about give cross over.
• Looking strong to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
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