STEEL
A lot of NPA of banks are due to problems from the steel sector. But now the Govt has taken a lot of steps to protect the steel sector from Chinese dumping. In fact, Shankar Sharma in his article in Outlook Business magazine lists Steel as a turnaround sector.
The leading companies in the steel sector such as Tata Steel and Sail are showing turnaround signs in form of Bullish divergence on Quarterly charts. Tata steel turnaround a few quarters ago and has risen up quite sharply from its lows. Same is the case of JSW …and now Sail too has joined these companies. The price pattern of these major steel companies suggests ache din for steel sector in next 2-3 quarters
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