Stock Wealth

Thursday, October 29, 2009

Jindal Steel & Power(Jindalstel)

Author: Ilango | Posted at: 11:38 AM | Filed Under: steel |

Amit Vora asked for Jindal Steel & Power EW:

It has completed a 5 subwaves of the 3rd wave of the 3rd. Logically the prior "iv"th should offer buying support and that is a big range of 577-648. Booking out on bounces and then re-entering during dips below 625 towards 580 is an ideal scenario.

A relief rally possible in a day or two.

Author: Ilango | Posted at: 8:13 AM | |

A strategy is being developed for a possible relief rally that may develop in a day or two. It is highly possible that I am 2 days early with this strategy.
Those who are holding Shorts should trail it down till an exhaustion is seen in the prices in the short term.
On studying some individual stocks, a high risk short term long play in the following stocks for a very short period of 6-8 trading days is possible.
Tata Steel: 461-475++.........503--
Suzlon: ....69-70++...........75--
RCapital : 720-735++.........795--
RCom : 185-195++.........204--
Essar Oil: 130-132...........145--
Cairn : .262-265...........276--
Icici Bk : 770-780...........826--
Aban : 1285++...........1400--
Buying levels may come in either today or tomorrow. A tentative selling levels are mentioned in a more conservative way. Once the reversal is confirmed for the short term, the levels may move higher too.
I still maintain, CASH is King till a REAL medium term bottom develops on the price charts.
One stock that has been excessively sold off showing positive divergence in hour chart is "RCOM".