Short term Sector Momentum Stock Pick - Steel Authority of India Ltd :: HDFC Sec, link

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Current Observation:
 The metal sector has moved up sharply during today’s sideways broader market and the Steel Authority of India Ltd
(SAIL) is one of the sector components, which has contributed to the sector’s upmove.
 The stock price has made a significant bottom reversal around Rs.78.55 levels during 13th Nov and has moved up
sharply since then. The previous declines of the last six sessions (early to mid Nov) have been engulfed completely in
the last three sessions suggesting bullish faster retracement.
 We observe a beginning of the bullish sequence of higher tops and bottoms as per daily timeframe chart and the
recent swing low of around Rs.78.55 could be a new higher bottom of the sequence. From here the stock price is
expected to move up further to form a new higher top.
 The stock price has also making attempt to stage upside breakout of the overhead resistance of around Rs.88 levels
(green horizontal line), which is signaling up thrust of bulls.
 Overall chart pattern of SAIL is suggesting a fresh buying opportunity for the near term


LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3009916