NIFTY METAL
Likely target: 5,200
Upside potential: 6.32%
The index continues to claim new all-time highs amid firm bullish sentiment. This is supported by the fact that the index is not seeing any aggressive selling pressure in the overbought category of the Relative Strength Index (RSI). As long as the index defends the support of 4,500 levels, the upside may see a rally towards 5,200 levels in the coming sessions, as per the daily chart. CLICK HERE FOR THE CHART
TATA STEEL LTD (TATASTEEL)
Likely target: Rs 1,100 - Rs 1,140
Upside potential: 5.67% - 9.51%
After claiming a new all-time high above Rs 912 recently, the stock witnessed mild profit booking. However, the momentum continues to support upswing with fresh higher highs. The overall trend has a closing basis support of Rs 950 levels. Till this level is held, the stock may rally towards Rs 1,100 and Rs 1,140 levels, as per the daily chart. Add to it, the RSI is not witnessing any major selling pressure even in the overbought category, indicating the strength remains intact. CLICK HERE FOR THE CHART
JSW STEEL Ltd (JSWSTEEL)
Likely target: Rs 810
Upside potential: 12%
In the last one month, the stock has risen over 50 per cent despite the RSI indicator trading in the overbought category. This shows inherent strength which is likely to stay in the upcoming sessions. The increase in volumes during the upward rally further indicates the firm participation of market players. The immediate support comes at Rs 640 with an upward bias towards Rs 810 levels, as per the daily chart. CLICK HERE FOR THE CHART
VEDANTA LTD (VEDL)
Likely target: Rs 270
Upside potential: 6%
With the "Higher High, Higher low" formation, the stock is set to climb new peaks in the coming sessions, as per the daily chart. The immediate support comes at Rs 240 levels and as long as it is held on the closing basis, the stock could climb towards Rs 270 levels. The weekly chart suggests the stock has passed the resistance of Rs 146 decisively and is ready to rise further. CLICK HERE FOR THE CHART
STEEL AUTHORITY OF INDIA (SAIL)
Likely target: Rs 140
Upside potential: 12%
After crossing the resistance of Rs 116 levels, the stock is gearing up to rally towards the next resistance of Rs 140 mark, as per the monthly chart. This move is supported by the Moving Average Convergence Divergence (MACD), which has crossed the zero line, suggesting the momentum and direction to remain in the uptrend. The immediate support comes at Rs 112 and Rs 105 levels. CLICK HERE FOR THE CHART
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