Weekly Pick

JSW Steel – Last Close –665.95 [19-Aug-2011] 

• Engulfing bull candle spotted of daily.
• Long lower shadow candle witnessed on weekly at 61.8% retracement levels of last major rising leg.   
• Strong positive divergence spotted in daily RSI.
• Stock bottomed out at channel support.  
• The Stock has a potential up move toward 715 - 725.
• Buy the stock at CMP to 650 band with the stop loss below 635 [Closing].