• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Tata Steel could not ward off the selling pressure any longer and recorded a weekly decline of 9 per cent, in line with our expectation. The evening star pattern in the weekly chart and the weakness in the daily momentum indicators imply a short-term term trend reversal in the stock. But the medium-term view would turn negative only on a close below Rs 780. The long-term moving average lines at Rs 750 and Rs 780 would lend support to the stock in the week ahead.

We stay with the view that the stock can move between Rs 600 and Rs 900 over the next few months. Since it is reversing from the upper boundary, it can decline to Rs 712 or Rs 650 over the medium-term.

More Stories on : Technical Analysis | Stocks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
How good is your investment?

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line