As we all know Metal is cyclic sector and this cycle runs for 3-4 years up/down both,  So timely exit of Investment also require, otherwise you may get trap in that cycle. Here in this article, I am taking four stocks from the metal sector.

JSW STEEL

Recently it got added in NSE, and from that day it’s in Red color, see there is no harm in addition in NSE, but this can be the reason for a rally to be over, Because Big investor try to book profit in this kind of events, Actual Rally started from 2015 from Rs 90 and it peaked out at Rs 420. And the Interesting part is it broke Parabolic curve and now it will come down to hit Rs 280, Major support at 270-280 levels, Yes it will touch this level very easily,No doubt in it, so better to book profit in JSW Steel. After touching 280 it will remain range-bound between 280-320.

VEDANTA

In VEDL there are 3 bearish pattern, and major support is near Rs. 155, It will come down to 155 for sure, these all are the medium-term target will achieve in the next 4-5 months. Without hitting new high it is Breaking previous low that means the formation of LL-LH, Target of Bearish Flag Pattern is Rs 155, and the next major Demand zone is near Rs 145-155.

TATA STEEL

Overall Tata steel will follow the same trend, Major support near Rs 470, Same bearish pattern of LL-LH in this also.

Hindalco

Hindalco have good support at Rs 180-190, it will come down because it is respecting LL-LH bearish pattern. This is a powerful and important Technical pattern. wait and watch.

 

 

Conclusion: Whole Metal pack in under bear attack, so expect a minimum 10-15% fall in them in next 2 months, If you have JSW  and Vedl then exit/Book profit, wait for more lower levels.

Author

Founder at CityInvest. Focused on Technical Analysis, 10 years Market experience, I'm Always learning and love to help, say hi!

6 Comments

  1. S c jairath Reply

    Always looking to analysis by ds.
    Congratulations on launch of website.
    Though I am novice to stockmarket but have been closely following ds comments in channel for a couple of months. Found his involvement to be 100 %. And most of prediction coming true.
    Keep it up, for investors, who are new.

Write A Comment