Comments
Tata Steel’s stock nose-dived 9.5 per cent with good volume in the prior week, emphatically breaking a key support at ₹250 levels. The stock continues to be in a downtrend across all-time frames — long, medium and short-term.
The recent bullish signs have faded; the stock needs fresh set of bullish signals in the coming weeks to indicate trend reversal. Therefore, traders can continue to hold their short position with a stop-loss at ₹255 levels.
Any rally can encounter resistance at ₹250 levels and the stock can resume its downtrend. The downside targets are ₹225 and then ₹210. Next support below this level is around ₹200 which is closer to its August 2013 low.
However, a strong rally above ₹250 can take the stock up to ₹275. Further rally above this level can result in a corrective rally extending to ₹288 and ₹300 levels. Only a strong breakthrough of ₹314 levels will alter the short-term downtrend.
Comments
COMMENT NOW
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.