Foram_Chheda_CMT

BUY TATASTEEL above 600 with short term holding target of 630

Long
NSE:TATASTEEL   TATA STEEL LTD
Formation of a minor double top was seen around 750-mark and after that the stock has seen an extended corrective move taking it well below the 200-DMA mark. Though the trend may not reverse, but the stock is set to see some technical pullback. An attempted to reverse the trend has been with some consolidation that was seen in the 560-575 zones. Daily MACD remains in continuing buy mode while RSI continues to remain neutral. A fresh buy signal has emerged over Stochastic on the Weekly Charts with a bullish divergence against the price. The stock is seen improving its performance when compared against the Metal Index. Metal Index has shown sign of some up move. Some upward revision in prices cannot be ruled out.
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