The session was hosted by Kavita Agrawal, the founder of ExpInvest, who discussed the chart of JSW Steel, a company that has been in the news recently due to its acquisition of a company called NSL, which recycles steel. The purpose of the acquisition was to reduce JSW Steel's carbon footprint and manufacture steel using steel scrap.
The trend on the charts showed a bullish underlying trend, with JSW Steel breaking through a resistance zone and coming back to support. The volume analysis showed a significant pickup in volume whenever the price of JSW Steel was rising, suggesting that the stock might be ready for a reversal.
Kavita Agrawal also mentioned the importance of setting appropriate stop losses and targets when entering any stock in swing trading. She emphasized the need for proper position management, which includes trailing stop losses and planning your exit ahead of time.
In response to audience queries, she advised against a fresh position in Maharashtra Seamless due to its strong uptrend without any real pause or correction. For Inox Wind, she suggested maintaining the Australian stop loss of 181 and wait for the stock to retest the 200 EMA on the daily time frame before considering a fresh entry. She also advised caution with Granules India due to its tendency to revert back to its mean.
Finally, Agrawal invited viewers to join her Telegram Channel for further assistance with their stock queries and to explore whether the Trade Together program, which assists retail traders in swing trading, would be a good fit for them.
1. The speaker, Kavita Agrawal, is discussing JSW Steel, a company that has recently acquired a company called NSL, which recycles steel. This acquisition is intended to reduce JSW Steel's carbon footprint and generate steel using steel scrap.
2. JSW Steel's stock has been in a steady uptrend since May 21, 2023.
3. The stock has broken out of a resistance zone on July 23, 2023.
4. JSW Steel's RSI has shown a strong bullish trend, indicating that the stock may be taking a breather but the underlying trend continues to be strong.
5. The volume of JSW Steel has been high whenever the price has been rising, but it has declined when the price has been falling.
6. JSW Steel has given a strong positive Divergence signal on the 15-minute time frame.
7. JSW Steel is preparing for a reversal and is currently testing a major support zone.
8. The speaker suggests a stop loss of 736 and a target of 950 for JSW Steel.
9. The speaker has never studied Maharashtra Seamless and suggests not getting into the stock at the moment due to corporate governance issues and weak technical signals.
10. The speaker suggests maintaining an Australian stop loss of 181 for Inox Wind and expects a target around 250 if the stock's momentum resumes.