Let's have a BULL'S EYE on Bhushan Steels & Strips Ltd.

With positive export data from China, commodities scrips are back in action .

• The Steel Sector would be the favorite theme to play. The technicals and the price movement do suggests the same.

• The ADX value has topped out to close at 41.73. Hence the scrip is going to reverse from the previous trend and would now move in the opposite direction.

• The crossover of the +DI over the -DI could be on the charts today. Keeping in mind the periodic nature of the crossover, it indicates the strength on the buying side of the counter.

• The same could be seen in the case of the MACD Line going above the Signal Line. The reversal of the MACD Histogram into the positive zone suggests to be on the buying side.

• The bounce of the Slow Stochastic indicator is suggesting a buy signal with %K line closing above the %D line. This is above the oversold sub-twenty levels. It suggests that the correction is over for the time being.

• We could add position on long side with a trading price in the region of Rs. 1315-1310 and with a strict stop loss of nearly 1% at Rs. 1298. The target should be near the short term moving average of 20-EMA at nearly Rs. 1375-1365 range.