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UTTAM VALUE STEELS, ADANI POWER LTD, RELIANCE COMM LTD, JAIPRAKASH ASSOCIA, SUZLON ENERGY LTD, TV18 BROADCAST LTD
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TATASTEEL Try to reach Demand zone keep watch If don't break that zone enter the Trade
SL make 2% of your Capital rule
STBT IN TATA STEEL
TATASTEEL: is a weak pullback this morning and got sold into with recent top of 588 as stop-loss one can look into selling the stock at 576 with target at 554
Currently we have 2 Hypos for Tata Steel.
Hypo 1 in Red suggests that the Triangle completed at the 586 level (marked by red box) and we have seen a series of nested 1-2-1-2's to the downside from there on.
Hypo 2 in Yellow suggests that the W.(E) of the Triangle formed a Triangle in itself which completed near 567 level (marked by Yellow box).
In conclusion ...
Sell TATASTEEL August futures below 553 for targets of 540 and 525.
Keep SL of 560 or hedge with August CE.
If it remains to hold the 490 level, we can hope new highs. Otherwise it may again go for its support level. But on the looks of it, it is not looking bullish as per the market. Looking for the target 470.
TATASTEEL has tested resistance.
Divergence in RSI
Both stochastic's in overbought zone, and are exhibiting divergence.
Do you think this is a short?
Let me know.
Trading at the top of the longterm downward trend line from 2011 TATASTEEL form a bearish butterfly at the top of trend line in the last 3 months price action.The stock can be shorted here as Risk reward ratio is very very low.Actually the idea was from Mr.Neteesh Jain who mistakenly quoted it as a long.
Thanks to Mr.Neteesh to Identify a good trade.