Sandeep.Chebrolu

TATASTEELBSL - 6yrs BO pending(W) & Flag Rectangle(D)

Long
NSE:TATASTLBSL   TATA STEEL BSL LTD
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1
BB reco @ 90, My entry was at 98.8
SL by BB - 82 (looks like this is below Rectangle bottom as well)
My entry was 10% above but took entry after Blockbuster results, check again after another Quarter.

Comments

but this is definitely a good stock to hold
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Please don't trade based on news. Media is highly manipulative. Majority of traders buy at bottom and sell on top. Retailers do the opposite and get stuck.
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I took entry just before the results at 94.5 expecting blockbuster results. We all saw the fantastic results. But unfortunately that didn't reflect in the stock right away as we see in a few other stocks where the stock flies after results. I am holding it now at 94ish and will wait for the upcoming weeks with a hope that the stock will break past 100 mark.

There was a news which said that China is cooling off steel exports in order to bring down the cost for local demand. For a single day, that effect was seen in CNXMETAL and steel stocks went up. SAIL, BSL etc.. But that was pretty short lived. Last 2 days, we saw blood bath in steel sector.

I am still a beginner and don't understand the exact reason why steel sector that was claimed to be bouncing back strongly after 2 quarters of weakness due to COVID all of a sudden went red for 2 days. Definitely there is some market sentiment due to which this sector went down. But I could see no post pointing that.

Let us wait with hopes for BSL to Blast......
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