Jindal Steel - Analysis for Intraday and Swing Trading

Jindalstel is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade. We also check the Trend Cycles of it. Before this, we have analyzed Tata Steel : You can check here.

Jindalstel  Option Front :
Jindalstel has given closing at 89.05 on 8^th May 2020. Highest call open interest is at 100 strike price, followed by 90 and highest Open interest at put side is at 90 strike. Some addition at call has side seen at 90.

Trading Range Of Jindalstel 

Now time to find out the trading range of the Jindalstel. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the Jindalstel. Trading range seems to be 80 to 100.

1. Highest Call at 100. 

2. Highest Put at 90. 

1. Pivot Strike at 90.

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles

 

Jindalstel Trend Cycles

Conclusion:

Jindalstel is near at very important support that is 90. If it sustains below 90 then some move towards 85  and 80 can be seen. And if able to sustain the support at 90, we can see some move towards 95 and 100. 

This may take 6 to 7 trading days to happen. In last three day, Jindalstel has given long-long unwinding cycles. If we get another long then 100 will be on the cards otherwise 85 and 80 can be seen. These all depends on the pivot level 90 as it is the make and break level for the Jindalstel.

Disclaimer: The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

 You can check here Daily Nifty and Bank Nifty Analysis.

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