Technical Analysis

Outlook is turning bullish for Tata Steel

Yoganand D | Updated on January 23, 2018 Published on April 19, 2015

19TataSteelCl.eps

Tata Steel (₹345.8)

The movement in the stock was choppy and it closed on a marginally positive note last week. The short-term trend is turning bullish. The positive divergence in the daily relative strength index and moving average convergence divergence indicators back the reversal. Therefore, traders with a short-term view can make use of dips to buy the stock while maintaining a stop-loss at ₹335 levels. The stock can trend upwards to ₹355 initially and then to ₹367 in the coming weeks. Next significant medium-term resistance is pegged at ₹380 which has to be broken for further rally. On the downside, a strong fall below the immediate support level of ₹335 can pull the stock down to the levels of ₹318 and ₹311.



Published on April 19, 2015
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