Tata Steel put up a strong show in the last two trading sessions of the week to close with a whopping 16 per cent gain.
The stock has already raced to our medium-term target of Rs 250 and oscillators in the daily chart denote that the momentum continues to be strong in the short-term.
As we have been reiterating, the medium-term range for this stock is between Rs 150 and Rs 250. strong break beyond Rs 250 will give the next medium-term target of Rs 360.
If Tata Steel sustains above Rs 250 over the upcoming week, its short-term targets would be Rs 270 and Rs 318. Traders can buy on declines with a stop at Rs 248. Next support would be at Rs 238 and Rs 222.
Our View :
Tata Steel is astrong buy and hold for a week. All the metal stocks closed higher and there is expansion of volumes which suggests that the uptrend will continue in the next week. Book full profits around Rs.300 levels