JSW Steel ltd from 21 August 2020

The stock has been continuously going up for some time in an aggressive manner and has reached the previous high ( supply zone ) ...
. Shooting star pattern has been formed though the upward wick is small
Expecting a healthy retracement till 240 level when crosses 270 mark while going down

Trading Strategy:
Safe : sell PE above 290 at good cost ... AUG and SEP month --> strategy with breakever above 300 is safest

Heart of Steel:

when crosses 270 level ; buy 240 PE and Sell 270 CE ---> collect premium and exit at good profit
use calendar spread with different month expiry to get good profit

MFI is in overbought zone for some time expecting it to cool down now


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