Technical Analysis of Indian Equities by Nooresh

TATA STEEL – Nearing Resistance. A pre-emptive short trade.

tata steel

 

Tata Steel Technical View:

 

-> Previously the stock had made 3 bottoms around 290-296 zone ( shown by arrows).

-> Post the breakdown the stock did make an attempt to get back above the zone which failed.

-> The stock has seen a huge 40% move with very good volumes.

-> Right now at 285 levels it is getting close to a very important resistance. But there is no change of trend yet.

-> Given the big rally and near resistance can expect a pullback to 260. A pre-emptive short trade can be initiated with stops at 295.

 

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Nooresh

www.analyseindia.com

Article by Nooresh Merani

Nooresh has written 2595 articles.

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