Ashish Kyal, a renowned technical analyst from Waves Strategy Advisors, shares his valuable insights on two prominent stocks: Indusind Bank and JSW Steel. Kyal's analysis sheds light on the current trends and potential price movements in these stocks, providing valuable information for investors.

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Kyal identifies Indusind Bank as a favorable buy-side stock. He notes that the Bank Nifty, after a prolonged consolidation period, is now showing signs of breaking out. During this phase, Indusind Bank has showcased superior performance, reinforcing the likelihood of an upward trend.

Kyal observes that the stock has recently formed a flag pattern, indicating a potential reversal to the upside. Based on this analysis, he sets a short-term target of Rs 1,430 for Indusind Bank. To manage risk, Kyal suggests establishing long positions with a stop loss at Rs 1,288. The stock is up more than 3 percent in the past month.

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The next stock on the buy side is going to be JSW Steel, we can clearly see a strong bounce back in the stock from the Rs 740 mark, which was the 20 days average and the stock looks like starting the third wave on the upside which can be impulsive and sharp.

So Kyal recommends long positions on JSW Steel, keeping a stop loss of Rs 755 for the target of Rs 838. Share of JSW Steel has gained more than 11 percent over the last month.

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First Published:Jun 28, 2023 12:54 PM IST