“JSW Steel on the daily chart has broken out from a bullish triangle with breakout placed at Rs 688. A higher opening above Rs 695 would confirm long term trend reversal from a declining trend. The stock has taken support at its 100 and 200-DMA which supports buying argument in the counter. The daily RSI exhibited the uptrend along with the increase in the price on Monday. A sustained move past the Rs695 levels will see the stock heading towards the levels of Rs720 in the medium term. We recommend buying JSW Steel above Rs 695 with stop loss of Rs 680 for target of Rs725. ( Duration 5 days),” says IIFL research report.
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