The short-term outlook for Steel Authority of India (SAIL) is bullish. The 5 per cent rise on Wednesday indicates that the upmove is gaining momentum.
This has taken the share price well above the ₹125-₹127 resistance zone. This ₹127-₹125 region will now act as a good support and limit the downside. Also, the recent rise is happening from the 200-Day Moving Average support, currently at ₹119.
Steel Authority of India (SAIL) share price can rise to ₹140 in the coming weeks. Traders can buy Steel Authority of India shares now at ₹130.
Accumulate on dips at ₹128. Keep the stop-loss at ₹123. Trail the stop-loss up to ₹132 as soon as the stock goes up to ₹134. Revise the stop-loss up to ₹135 when the price touches ₹137. Exit the longs at ₹140.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)