ISL International Steels Limited Short-Term Analysis 10th Apr. 2020

Turning Down

Our Pivot: 46.50

Our Preference: Short sell ISL below 42.55 and average it out till 45.80 with strict stop loss of 46.50 and profit target at 37.50 with extension towards 35.30.

Alternate Scenario: Upward penetration of 46.50 will call for 50.00.

NOTE:ISL have completed 50% correction of its last bearish rally and now its being capped by two resistant trend lines along with a strong horizontal resistant region. 

Daily Chart with Supports & Resistances: