8/3/2019 Daily Morning Update 18 Oct 2011
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DAILY TRADING HIGHLIGHTS & OUTLOOK 18 Oct, 11
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JSW STEEL CMP - ` 580Technical Outlook & Trading
Strategy:-The key observation to be made is that the price of JSW
Steel has registered a breakdown from its head and shoulderpattern
on the intraday charts. This is a bearish formation and the m
easuring implication of the pattern suggests thatthe price can de
cline to levels of `525 levels. The momentum indicator is also in
sell mode. The stock has also closedbelow its near term moving
average.We recommend traders to sell 50%now and again in the range
of `585 `588 levels with a stop loss placed above`600.6 levels for
targets of `525 levels, expected to be achieved in com ing few
Sessions.Reliance Power Limited CMP` 86.8Technical Outlook &
Trading Strategy:-The share p rice of Reliance Power has fallen
from the h ighs of `119.9 on 26th July 2011 to the lows of `75.1
Levels.The stock has since then p ulled back and tended to trade w
ithin the ` 75.1---` 87.25 range. On the daily chart theStock has
man aged to close abov e its cluster of moving averages. The m
omentum indicator on the daily chart is alsoin a bullish zone
suggesting more up side in the stock.We recom mend traders to buy
50% n ow and ag ain in the range of `86` 86.5 levels with a stop
loss placed below`84.8levels for targetsof `92/` 94 levels.
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