MyKEYtoSENSEX

TATASTEEL Positional View !!

Long
NSE:TATASTEEL   TATA STEEL LTD
TATASTEEL : cmp : 1390.2
After the significant correction, it's reversing from the support level and trying to Break out.
Huge put writing seen at ATM strikes( F &O) .
Good accumulation zone 1380-1400.
Stock from current level might move towards 1560.
Good to grab on dips.

TGT may be 1442/1478
SL 1381 Dclbs

Positional TGT 1560
Sl 1358 Dclbs

Option Strategy : Buy Sept 1420CE/1440CE
OR
Sell Sept 1380 PE
Disclaimer: Ideas for learning Only.
Learn Regularly. Not occasionally.




Comment: short term Sl triggered.Still keep on radar !!
Trade active: 1st tgt achieved
Trade active: 2nd tgt achieved.

Comments

Yes,I think so.According to my setup it may test ATH very soon.Let's see what happens.
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Yes. Let's see how it moves tomorrow. Doesn't sustain the day's high. Hopefully it will start moving now.
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1200 coming in any moment
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Yes Tata Steel looking good to go back to 1500+ levels soon. Demand for steel very high in India and will go up further due to Infra push. Tata Steel top bet due to deleveraging and big improvement in European operations helped by fall in iron ore prices.
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MyKEYtoSENSEX anish_nanda
@anish_nanda, good analysis.Thanks
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anish_nanda MyKEYtoSENSEX
@MyKEYtoSENSEX, Thank you. Today though it has broken support of 1380 and made low of 1365. But might close above 1380 by end of day due to short covering.
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MyKEYtoSENSEX anish_nanda
@anish_nanda, yes, it has broken sl on clbs unfortunately.Positional sl intact.still I think it will revert frm here and test ath very soon. Let's see happen. Thanks.
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anish_nanda MyKEYtoSENSEX
@MyKEYtoSENSEX, I sold today. Plan to buy back tomorrow at lower levels. Tomorrow market maybe caution ahead of Fed meeting in Jackson Hole. So lower levels possible. However, Fed unlikely to say anything drastic which will rock the markets. So it may recover again next week.
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MyKEYtoSENSEX anish_nanda
@anish_nanda, Yes, i am also thinking like this way. By next week it could show some strength.
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anish_nanda MyKEYtoSENSEX
@MyKEYtoSENSEX, US markets have gone into red after opening in green. There could be some nervousness tomorrow ahead of Fed meeting. Since it is after our market close, most operators will prefer to lighten their positions before the event. So tomorrow can give good opportunity to buy maybe 20 Rs. lower. I think it may drop to 1450 - 1460 levels where it will be a good buy.
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