Jindal Steel, Adani Ports: Two stocks that Anand Rathi is bearish on

The stock price of Adani Ports has formed a triple top formation on the daily chart at around 365 levels

SELL JINDALSTEL | TARGET: Rs 174 | STOP LOSS: Rs 191

The stock is facing resistance of its downward sloping trend line on the daily chart. It is also making a lower top and lower bottom formation, which hints that the stock may test its previous swing low of 160 levels in the short term. The immediate hurdle of 21-DMA is placed at 188 levels. Momentum indicator RSI has formed a double top formation on the weekly scale which is a negative sign and MACD oscillators have also provided a sell crossover which hints of further negative momentum in the counter.

SELL ADANIPORTS | TARGET: Rs 328 | STOP LOSS: Rs 355

The stock has formed a triple top formation on the daily chart at around 365 levels. It has also breached its short-term 21-DMA and now it’s heading towards its 200-DMA which is placed at 330 levels. The momentum indicators and oscillators are in the sell mode on the daily scales which hints at strong momentum in the short term. 

BUY SIEMENS | TARGET: Rs 1,300 | STOP LOSS: Rs 1,210

The stock is trading in a rising channel and currently, it has found the support of its lower band of the channel, so a strong pullback can be expected. Interestingly, it also surpassed its 200-day simple moving average which was placed at 1,230. The momentum indicator RSI has also reversed from its oversold territory and MACD has provided a buy crossover on the hourly chart which hints at a short-term positive momentum in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.