Most of the metal stocks are trading near multiyear low but still we can't say that its time to enter for long term positions. However, we can start accumulation in small parts and if situation improves the investment made today will surely mint money for you. For learning technical analysis you can contact me@(+91) 7737093555
Hindalco : Since last 1 month the stock is getting support near 170. This level is important as it is 50% retracement level of its entire move from 58 to 283. Use dips to enter for 192-95 to 197-201. Above 201 we can witness further buying.
Jindal Steel : Stock is getting support near 92. Below that stock can fall upto 85-80 level. Best entry level for stock on upside will be above 105 however on can initiate long at cmp(96.5) for 100-102-05 keeping stoploss below 92 for short term. Above 105 stock can test 125.
JSW Steel: Breakout seen on daily charts. Add for 230-50 with sl below 205 on closing basis.
Tata Steel : Stock is trading near long term trendline support and can be added for 362-84-98 to 417 with sl below 321. support exists near 327-37.
Vedanta : Stock is getting support near 122 which is 78.6% retracement level of stocks previous rally from 58 to 358. Add with sl below 120 for good upside in coming weeks.
Hind Zinc : 225 can work as resistance, above that 237-50-68 looks achievable. However below 195 targets can be 178-57
NALCO: 42 need to be crossed for fresh upmove towards 44.5-46.5-48 support placed near 40.90
SAIL : Stock is trading near long term trend line support. Add above 33.5 for a bounce towards 40-45-48 keep sl below 29
Hindalco : Since last 1 month the stock is getting support near 170. This level is important as it is 50% retracement level of its entire move from 58 to 283. Use dips to enter for 192-95 to 197-201. Above 201 we can witness further buying.
Hindustan Copper: Above 33 stock can test 39-42 while below 28 target will be 21. Good stock at cmp.
