if you look at the charts tatasteel is near its 50 period weekly ema if it breaks one can buy with a near tgt 445 which is weekly resistance and tgt2 of 458 which is also a weekly resistance but much stronger and a strong monthly support at 432.
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TATASTEEL making lower low but indicator is looking strong
If 330 is broken downside can be a shorting opportunity
If 350 is broken downside can be a long opportunity
One might buy Tata steel on dips with SL placed at 455 and targets of 479/485. The RSI is placed at 30.36 and indicates a high probability of a bounce back. It is also supported by the bullish candle created today. Bounce on the Nifty also supports the move.
Tatasteel is near channel support 442 which is also the 50% retracement level of prev move from 377 to 508. If this holds it can resume its uptrend. Stop loss for this trade is any close breaking below the channel trend line which is @440
CMP 454 is not in a favorable R:R for me. Will wait and take trade between 448-445 levels with stop loss @440 on closing basis....
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