[Premium] Trade Of The Week

JC Parets
April 24, 2021

This week we're looking at a long setup in the Metal sector. There are a handful of sectors that are outperforming the market as Nifty 50 continues to move sideways, and Metal has been a consistent name there.

Jindal Steel & Power is joining the rest of the strong names in the Metals space as the stock inches towards its breakout level. As strength continues to shine through on both absolute and relative basis, Jindal Steel & Power looks good for the next leg of the rally.

The indicator is placed comfortably in the bullish territory adding to the strength in the stock. We are bullish above the level of 437 with a target near 670.

As long as the price remains below 437, we'd like to be observers here.

Click on chart to enlarge view.

Metals seem to be holding on to their shine as more stocks join the sectoral rally we've been witnessing. This rotation is a normal phenomenon in a market cycle and gives us the opportunity to identify stocks that can generate superior returns on an absolute and relative basis.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team

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