SlideShare a Scribd company logo
SEBI Registered – Research Analyst
*Please Refer Disclaimer on Website
Pictorially we can see stock is in rising momentum but
recollecting historical events we can see that stock has given
sharp reversal in the vicinity of 1360 level. Same scenario is
repeating for the 4th time at the current level. As a
confirmation stock is forming bear candle.
Secondly, we can see later part of up move was accompanied
with falling volume, it indicates that recent move was running
out of steam.
On Daily Chart, stock has breached its consolidation phase
with break away gap. It has also formed Harami pattern on top
with strong confirmation which signifies further negativity.
Looking at momentum oscillator RSI, it is replicating same
picture of price chart. RSI has entered into extreme
overbought zone and found resistance at 80 level. Reaction
has forced RSI to close below 70 level which indicates reversal
in RSI.
Based on aforementioned rational we can expect further
negative momentum in stock upto 1180 level in a few trading
sessions.
Sell JSWSTEEL May Fut @ 1320 & Upto 1330 SL 1390 TGT 1180
5th May 2016
TECHNO Sell
*Please Refer Disclaimer on Website WWW.CHOICEINDIA.COM
www.choiceindia.com
Contact Us
Disclaimer
This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the
information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the
correctness and authenticity of the information contained in this recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements.
Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research undertaken as the recommendations stated in
this report is derived purely from technical analysis. Choice Broking has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or
warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and
any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report
however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification,
copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance
may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment.
POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – • Analyst interest of the stock /Instrument(s): - No. • Firm interest of the stock / Instrument (s): - No.
www.choiceindia.comcustomercare@choiceindia.com
Research Team
Mr. Sumeet Bagadia Associate Director
Kunal Parmar Research Associate
Amit Pathania Research Associate
Kapil Shah Research Associate
Vikas Chaudhari Research Associate
Rajnath Yadav Research Associate
Satish Kumar Research Associate
5th May 2016
TECHNO Sell
Kapil Shah
Digitally signed by Kapil Shah
DN: cn=Kapil Shah, o=Choice Equity Broking Pvt Ttd.,
ou=Research Department,
email=kapil.shah@choiceindia.com, c=IN
Date: 2016.05.05 17:23:12 +05'30'

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Techno sell jsw steel

  • 1. SEBI Registered – Research Analyst *Please Refer Disclaimer on Website Pictorially we can see stock is in rising momentum but recollecting historical events we can see that stock has given sharp reversal in the vicinity of 1360 level. Same scenario is repeating for the 4th time at the current level. As a confirmation stock is forming bear candle. Secondly, we can see later part of up move was accompanied with falling volume, it indicates that recent move was running out of steam. On Daily Chart, stock has breached its consolidation phase with break away gap. It has also formed Harami pattern on top with strong confirmation which signifies further negativity. Looking at momentum oscillator RSI, it is replicating same picture of price chart. RSI has entered into extreme overbought zone and found resistance at 80 level. Reaction has forced RSI to close below 70 level which indicates reversal in RSI. Based on aforementioned rational we can expect further negative momentum in stock upto 1180 level in a few trading sessions. Sell JSWSTEEL May Fut @ 1320 & Upto 1330 SL 1390 TGT 1180 5th May 2016 TECHNO Sell *Please Refer Disclaimer on Website WWW.CHOICEINDIA.COM
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