Sunday, March 29, 2009
Technical Analysis - Tata Steel
Tata Steel caught up with its large-cap peers towards the end of the week when
it moved above the resistance band between Rs 184 and Rs 190 on Thursday.
The strong volume accompanying this break-out is a positive signal. The stock
could head towards the upper boundary of the medium-term trading band at Rs 250.
We retain a neutral medium term view for this stock. But a strong break-out
above Rs 250 will give the next resistance in the band between Rs 345 and Rs
Medium-term investors can hold the stock with a stop at Rs 175. Short-term
supports for the stock are at Rs 197 and Rs 187. Fresh longs should be avoided
on a decline below the first support.
Lokeshwarri S. K.