Tata Steel (Future)

You can buy a future and patiently wait for levels as high as 800.

Tata Steel future is in an uptrend in the daily charts . I have been bullish in Tata Steel in a long time but it has slipped since then.

What makes me happy is that the candles have taken a support on 10 EMA at 681 levels and bounced back from there.


650 is a major support with an Open Interest of 1,513,000 in 650 ce with possible short positions of 175,100.
Trying to analyse the upside, 700 pe is the only level with possible short positions of 119,000.

This shows us that once Tata Steel manages to cross 700 there is no resistance till 750 as there are 40 ,800 possible short positions.
Call writers are trapped at every level which will support prices to rise. The rise may be a very quick one but patience is must as we know how bad the metal index performed on the 12th of Feb.