Tata Steel Futures
A very strong support at 679 was respected yesterday. The candle in the daily charts give us a bullish signal.
Uptrend is clear and I would like to hope that it will continue with a target of 718+ in short term.
Intraday support can be seen at 690 levels whereas support on closing basis can be seen at 684 levels.
Buy on dips for short term
#TataSteel after a 59.2% dream run, have broke out of the lower trendline of the parallel rising channel. RSI showing bearish divergence. If this early weakness converts to profit booking, then stock can give a decent retracement. 23.6% = 591, 38.2% 554.
After a dream run, metal index showing first signs of exhaustion and TataSteel may lead the fall from front. Below VAL of 420 stock looks good to short on positional basis with hedging.
