Jindal Steel

Jindal stell like the Metals index appears like 5 waves up are done. The 20dma is at 211.5 as the immediaate support and if that breaks we can drop to 193-183 near the 40dema or lower Bollinger band respectively. This is the ideal support. But technically we cannot rule out a larger retracement bo the wave 4 low near 165. Right now its a wait and watch for more clarity on the pattern and wave count of the decline that allows us to make some calculations. Also the daily momentum on the top end of he chart shows a negative divergence into wave 5 and now its in sell mode. So till we get another buy signal we have to have patience and it gives us time to think.