BUY Grasim; SELL JSW Steel: CK Narayan, Chart Advise
Technical analyst CK Narayan of Chart Advise has suggested trade setup for Grasim and JSW Steel. Indian markets have been trading strong and markets worldwide have been inching higher every week. Today, Australian benchmark ASX touched 5-month high due to sustained buying. Stocks in Japan are also near their five-month high after March 2020 selloff.
CK Narayan has reviewed two stocks for traders. Grasim has given a breakout and traders can expect further movement towards Rs 700 level. As per Narayan, Ever since the first week of June, Grasim has been undergoing a sideways consolidation in a wide range between Rs 580-640. In yesterday’s forceful price action, it thrust out of this two month consolidation and closed higher. More gains seem possible towards Rs 700 levels in the short term.
JSW Steel: Traders should book profit. As per Narayan, a very powerful uptrend has been in progress in JSW Steel as can be seen in the chart. The rise has now shown a record session count in the candlestick chart and this pattern usually heralds a short term pull back to occur at the very least. Short term investors holding JSW Steel can book profit. Those looking to sell the stock at current levels, can expect to recover it at Rs 260, as per Narayan.