JSW Steel gained over 9 percent with strong volumes, JSPL rose nearly 7 percent, and Tata Steel rallied nearly 5 percent on Thursday to hit a fresh 52-week high were some of the stock in focus.
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Indian market rose for the third day in a row on April 8 following positive trend in global markets and dovish monetary policy from the Reserve Bank of India (RBI).
The S&P BSE Sensex closed in the green but witnessed some profit booking at higher levels which pushed the index below 50,000 towards the close while Nifty50 also ended below 14900 levels.
JSW Steel gained over 9 percent with strong volumes, JSPL rose nearly 7 percent, and Tata Steel rallied nearly 5 percent on Thursday to hit a fresh 52-week high were some of the stock in focus.
Here is what experts said about these stocks.
Expert: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
JSW Steel:
On April 8, the stock made yet another all-time high of Rs 639. In this month alone, it has rallied over 40 percent, and the important point to note is that the stock not only surpassed its previous high of Rs 566 but comfortably managed to sustain above it.
The sharp price surge surprised most of the traders. On the daily and weekly charts, the stock has formed a breakout continuation pattern which is grossly positive for JSW Steel.
However, on a short-term time frame, momentum indicators indicate that the stock is in an overbought zone and there are high chances of a quick short-term price correction if the stock starts to trade below Rs 565.
For the next few trading session, Rs 585 and 565 should be the trend decider level for the bulls. If the stock sustain above the same then we can expect a continuation of the uptrend up to Rs 650.
Further uptrend may also continue which could lift the stock to Rs 685. On the flip side, dismissal of Rs 565 on the downside could possibly trigger a quick short-term correction up to Rs 540
Jindal Steel & Power:
The stock has rallied over 8 percent on April 8. On Thursday, the stock opened with a gap up and quickly surpassed Wednesday’s high with strong volume activity.
A strong price volume intraday rally indicates that there is a strong possibility of a further uptrend. On the short-term time frame, the stock has formed a strong price volume breakout pattern.
The texture of the pattern suggests that the breakout action will continue in the near future if it succeeds to trade above Rs 400 level.
For the swing traders, Rs 400 should be the sacrosanct level, and if the stock trades above the same then we can expect the uptrend to continue up to Rs 435-450.
Tata Steel:
On Thursday, Tata Steel gained over 5 percent. The stock has been soaring rapidly from the last three weeks, rallying from Rs 700 to Rs 950 within that period.
The uptrend wave was price dominating and was supported with incremental volume activity. On the daily and weekly charts, the stock has formed a robust Breakout continuation pattern which suggests that the uptrend momentum is likely to persist in the near future.
However, intraday charts suggest that the uptrend would be vulnerable if the price closed below Rs 880 mark.
For the swing traders, Rs 880 should be the key level to watch. A close above this level could lift the stock towards Rs 950-990. On the other hand, a close below Rs 880, traders may prefer to exit out from trading long positions.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
