Buy Kalyani Steels, target Rs 305: Nandish Shah

Nandish Shah

HDFC Securities

Kalyani Steels has given a bullish breakout on the daily chart on Monday by closing above the downward sloping trendline, adjoining the highs of 18-June-2018 and 10-July-2018.

It also managed to close above the resistance level of Rs 278 with higher volumes to close at a two-month high. The stock price is trading above its 5 and 20-day SMA indicating a bullish trend for the short to medium-term.

The momentum indicators and Oscillators like RSI and MACD are showing strength in the stock. Metal as a sector is doing well and looking good for the short-term. Therefore, we recommend buying Kalyani Steel for the upside target of Rs 305, and a stop loss placed below Rs 270.

Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.