TATA STEEL

Flash News Investment - - YOUR TECH­NI­CAL PORT­FO­LIO GUIDE - - Tripta Chadha

Can I buy shares of Tata Steel now?

AVOID TATA STEEL FOR NOW

Tata Steel is cur­rently trad­ing at Rs.687. Its 52-week high/low stand at Rs 734.90/ Rs 366.05 made on Oc­to­ber 30, 2017 and Novem­ber 21, 2016, re­spec­tively. The stock is trad­ing in an up­trend since Septem­ber 2016. Con­sid­er­ing the weekly time frame, the stock hit a dou­ble top at Rs 735 level and has re­versed from there. The dou­ble top week had wit­nessed huge vol­umes with neg­a­tive cross­over in the over­bought zone. The stock has been falling for two weeks there­after. In case it re­verses from the CMP or Rs 665 level, it has the potential to surge for an up­side rally. How­ever, con­fir­ma­tion of an up­side is nec­es­sary, and hence, we sug­gest you to avoid for now and en­ter prob­a­bly af­ter it crosses Rs 720 level

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