Technical Analysis

Reversal from ₹335 can take Tata Steel higher

Gurumurthy K | Updated on January 23, 2018 Published on April 12, 2015


Tata Steel (₹342.85)

The 5.8 per cent rally in Tata Steel last week eased some of the downward pressure on the stock. Immediate support is at ₹335 which is likely to be tested in the initial part of the week. A reversal from this level can take the stock to its immediate resistance at ₹353 — the 55-day moving average level. Traders can wait on the sidelines and go long only if it reverses higher from ₹335. Stop-loss can be kept at ₹327 for the target of ₹350. Further break above ₹353 will take away the downside pressure completely. It will increase the upside momentum and take the stock to the next target of ₹382. But inability to breach ₹353 can drag the stock lower to ₹328. The stock, subsequently, will remain range-bound between ₹310 and ₹350.

Published on April 12, 2015
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