TataSteel- Looking for a bounce from the 380-382 zone

380-382 zone for Tata Steel important as it exactly landed on the trendline (ii-iv) wave having 377 as crucial level- any move below that could put TS into more pressure.

Trade active: 11:00 Hrs 16th Nov2016

Last Price@390.75

Entered in TS between the range 386-387 likely looking for the zone 400-405 where TS will face its first hurdle which is 38.2% retracement zone of the fall from 441 to 380. We will likely exit above 400 & shall wait to see how the market reacts post a 400 mark.
Trade active: 11:18 Hrs 16th Nov2016

Last Price@388.75
We are still above entry zone of 386-387

Let us exit for time being & wait for buying opportunity in the zone 381-382 holding that 380 zone- as corrections are tough to trade as Nifty if fails to hold 8150- it will be better we exit TS & wait
Trade active: 11:30 Hrs 16th Nov2016

Last Price@389

If one can take risky buy - with strict stops below 386 - If one can afford that stops then go ahead else skip the move
Trade active: 11:35 Hrs 16th Nov2016

Last price@388.50

Avoid Taking Risky Call as well
Trade active: 11:57 Hrs 16th Nov2016

Last Price@388.65

Half an hour has passed & TS is moving in range of 387-389

TS is doing time wise correction not going below 386-387 zone & going above 392 -it is most likely travel into the 400-405 zone
Trade active: 12:45 Hrs 16th Nov2016

Last Price@394

At 395 it is retraced 23.6% so likely let us book profits as Nifty extended to its day's high in the zone 8190-8200

Trade active: 14:21 Hrs 16th Nov2016

Last Price@396

Just missed because of Nifty Puzzle. Apologies. As expected, it is close to the zone of 400 band.

But likely that is resistance zone -so be careful if you hold any long positions.
Trade active: 08:39 Hrs 17th Nov2016

Last Price@392.75

Going above 395 likely it goes into the zone 400-405 zone as expected earlier

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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