Comments
Tata Steel (₹366.2)
Tata Steel has been hovering below its key medium-term resistance level at ₹380 over the last two weeks. The immediate outlook is not clear. Short-term traders can stay on the sidelines. Support is at ₹356 — the 21-day moving average. A breakout on either side of ₹356 and ₹380 will determine the next leg of moves for the stock. Given the overall negative sentiment in the market, the stock can decline below ₹356 in the coming days. Such a fall can take the stock lower to ₹345 and ₹340 in the short term. On the other hand, if the stock manages to breach ₹380, which is less likely, then a rise to ₹400 is possible. As long as the stock trades below ₹380, the medium-term downtrend will remain intact and the stock can target ₹300 levels.
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.