ASTL Amreli Steels Limited Analysis 25 April 2016

Rebound Insight

Our Pivot: 48.40

Our Preference: Start buying ASTL from current price and average it out till 50.72 with strict stop loss of 48.40 and profit target at 57.67 with extension towards 60.37.

Alternate Scenario: Downward penetration of 48.40 will call for 44.87.

NOTE: ASTL have completed its daily 50% correction and right now its getting support from a horizontal supportive region.

Recommendations:

Start buying from current price and average it out till 50.72 with targets at 57.67 and 60.37.

Daily Chart with Supports and Resistances: