• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• 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 recorded an intra-week trough at Rs 150 as indicated in this column last week. A rebound is possible from these levels that can take the stock higher towards Rs 190 or Rs 212. If the stock fails to surpass the first resistance, it would mean that a decline towards Rs 135 is possible in the near-term. Fresh shorts can be initiated on such signs of weakness.

A strong rally beyond Rs 212 will take Tata Steel to Rs 250. A sideways move between Rs 150 and Rs 250 is then possible for a few more weeks. However, the medium-term outlook for the stock is very weak and a decline towards the long-term support zone between Rs 100 and Rs 110 is likely over the medium-term.

— Lokeshwarri S.K.

More Stories on : Technical Analysis | Stock Markets

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

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