TATA SPONGE

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Can I buy shares of Tata Sponge?

AVOID TATA SPONGE IRON FOR NOW

Tata Sponge is cur­rently trad­ing at Rs 836. Its 52-week high/low stand at Rs 900/Rs 474.95 made on April 11, 2017 and Novem­ber 9, 2016, re­spec­tively. Af­ter hit­ting its 52-week high, the stock wit­nessed grad­ual lower tops and lower bot­toms. The stock gave a down­ward slop­ing trend­line break­out on July 5, but wit­nessed con­sol­i­da­tion there­after. Lower vol­umes and 14-pe­riod RSI trail­ing at 53 too sug­gest lack of mo­men­tum for now. The stock is trad­ing at its 21-day EMA sup­port level and hence may turn around if it breaches the sup­port level of Rs 818. Hence, we sug­gest you to avoid for now and en­ter only af­ter the stock hits Rs 857 level on a clos­ing ba­sis.

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