AbhishekHSinghCMT

TataSteel- Can it hit the box of 418-420

Long
NSE:TATASTEEL   TATA STEEL LTD
5
The fall from 441.50 to 380 was impulsive & post that we are having corrective sequence which is still running- looks like an irregular correction.

Wave-i gets retraced 61.8% in the zone 418-420 & likely will complete wave-ii.

Trading Strategy
We shall look for a pullback to 401-403 zone- if holds, then likely a bounce will be seen towards 418-420 zone or going above 413.50- it could move into the desired zone.

Previous Analysis attached as related analysis.
Trade active: 10:25 Hrs 28th Nov2016

Session Low@402.50

Bang On Target- As expected pullback has been registered & now can we expect the bounce- likely it has started also. Those who have taken sell in TS can take long as they have nothing to lose -only gain--gain & gain. Enjoy the day.

Trade active: 12:21 Hrs 28th Nov2016

Last Price@410

Book your profits if you want to lock them & go long if TS crosses above 411.50-412 zone

Recent High@411.25

Heading for Double Dhamaka -first down 9-10 bucks from 411 to 402.50 & bounce back from 402.50 -about to cross 412 level then extends to 418-420..

Trade active: 15:33 Hrs 28th Nov2016

Last Price@406.20

Lucky to book profits 2 times a day- 411to 402.50 then 402.50 to 410--

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

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