According to IIFL, traders can sell Jindal Steel & Power Future below Rs 520 with stop loss of Rs 529 for target of Rs 500, in its September 29, 2010 research report.
“Jindal Steel & Power, with an appearance of Evening Star pattern in last Thursday’s trading session, it has given short term trend reversal after an extended up move. However the volumes remained lowers thereafter compared to previous trading sessions which could be provide an attempt to retest the resistance levels of 50-DMA placed Rs 529. The daily RSI has given a negative crossover which could provide immediate trigger for the down fall. We advise selling Jindal Steel & Power October Futures below Rs 520 with stop loss of Rs 529 for target of Rs 500. (Duration 4 days),” says IIFL research report.
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