Tata Steel (₹390.4)
The stock of Tata Steel has been moving sideways in the band between
₹380 and ₹420 since mid-December 2014. Only a strong plunge below ₹380
will reinforce the stock’s intermediate-term downtrend that has been in
place since July 2014. This can drag the stock down to ₹360 and then to
₹340. On the upside, the stock needs to conclusively rally above ₹420 to
alter the short-term outlook into bullish and take it northwards to
₹430 and ₹440. Immediate resistance levels are at ₹400 and ₹410. Traders
with a short-term perspective can remain on the sidelines for now.
While the indicators in the daily chart are showing signs of trend
reversal, the stock needs to emphatically break ₹420 for confirmation of
the uptrend.
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