With Chain’s announcement that it would shutdown its medium frequency furnaces 100 to 120 mtpa steel capacity may get impacted and the indian steel companies may have a chance.
Tata steel has witneesed a double bottom Point (A) 366.30 on 21.11.16 Point(B) 377.40 on 27.12.16 Point (C) is at 435.40 on 9.12.16 which is broken today 11.1.17 with a bullish breakout suggesting strength. Long position can be created at 435.40 TGT 493 SL 377.40 . Today the stock closed at 448.25.
Similarly JSW Steel is at 187.55 with solid volume. It may also see a bullish trend. ( Due to stock split , graphs are inadequote to mark a technical view).