Tata Steel was in the limelight last week and gained 8 per cent with good volumes in the previous week. However, the stock is facing an important resistance ahead at ₹392. Further, the company’s third quarter results are due on February 11. Therefore, traders should tread with caution in the coming week. A strong breach of ₹392 can take the stock higher to ₹410 and then to ₹423 level in the short-term. But, inability to surpass this level will pull the stock down to ₹370. The next key support is at ₹350. Only a conclusive fall below this base level will drag the stock down to ₹333 and then to ₹320 in the short-term.
Tata Steel (₹384.4)
Published on
February 9, 2014 16:58