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dravya
Feb 7, 2017 3:47 PM

TATASTEEL - Results + Major Breakout Long

NSE:TATASTEEL60
TATA STEEL LTDNSE

Description

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TataSteel has given supposedly very good results.

This was displayed in its price action since days (see the chart in related ideas).

It is now fully ready to give a major breakout. which should not only continue for tomorrow but also days ahead.

I have drawn the lines to help you guys trade.

CMP - 473.5

Entry - 475 and above.

Target - Hold it.

( for aggresive traders, I ve drawn the trendline, if it breaks it, book profits there )

SL - Positional/ Short-term - 460
- Intraday - Trendline

Defensive traders can enter whenever it comes near 463.

All of this won't hold good if the market is unhappy with the results and we may see reversal But that's less probable. Let's see tomorrow.
Thanks.

Comment

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Intraday plan :
CMP - 478
will enter at 480
With sl of 478
Target - 486

Comment

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Couldn't reach 480 afterwards. Not trending at all.

Order cancelled

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As of now, though gapped up big but couldn't sustain and didn't meet entry criteria.

Comment

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Closing the chart. Faced resistance at weekly levels and hence failed to give a good setup.
tatasteellongsetupclosed
Comments
dravya
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dravya
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@dravya, Same chart, took good support at the 463 levels. Was going to post it today but it had already moved away from bottom levels. Nice buying happening today. Possibilities of going further than the previous swing high you can see.
UnknownUnicorn646072
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dravya again pullback
dravya
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@rupambose32, missed the comment notification Sir :3
Subra1953
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Good Setup for Intraday
Subra1953
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Honestly and in fact I was looking at Tata Steel results and its price movements and added in my radar for watch and trade. Your Trade set up now come in handy and will definitely guide me in the trade.
Thanks heaps
dravya
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@Subra1953, You're welcome.
Subra1953
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@dravya, Understand from reliable source that there is no Rate Cut in today's RBI Policy. Just for information
dravya
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@Subra1953, Hey, I was offline. But, your information was true. Thanks for sharing. As it didn't cross 480, no position should have been taken, as there's no buying interest today. We are out of position .
Subra1953
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@dravya, Pleasure!!! Even I was out of trade today
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