Tata Steel (₹359.05)
Tata Steel plummeted 9 per cent last week. However, the stock has support between ₹355 and ₹345 which may halt its fall. Though a test of this support zone is possible this week, a break below this level is less likely. A subsequent reversal from this support zone will take the stock higher to ₹385 and ₹390 once again. Such a reversal may also increase the possibility of a sideways range-bound move between ₹345 and ₹400 for some time. A strong break above ₹390 will take it further higher to ₹431 — the 61.8 per cent Fibonacci retracement level. Short-term investors holding long positions near ₹375 can accumulate near ₹350 with the same stop-loss at ₹340 for the target of ₹430. Medium-term investors can also accumulate near ₹350 while retaining the stop-loss at ₹310. The stock will come under pressure only if it falls below ₹345. Such a fall will increase the danger of the fall extending to ₹330 or ₹320.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.