IST 10:15 am, 11th July 2016;
After long pending decision for selling UK assets of TATA STEEL investors shown lots of enthusiasm on DALAL STREET.After announcement company got seven bids with some conditions. after a while BrExit happened and suddenly Pound fall to the 15 years lows. further i am no expert to comment what will happen to bid amount whether compromise will happen or not, re-auction take place or not and lots of fundamentals to decide company future. what we can discuss here is technical charts and the how to extract profit from the stock listed.
Matter of the fact is we never speak about share buying for your children or grandchildren, we speak here numbers in money. Because there is no upper limit to fly and downward is zero!!
TATA STEEL is high beta stock listed both on National Stock Exchange and Bombay Stock Exchange.
TATA Steel buying opportunities:
- 293 with the stop loss of 282.
- 301 with stop loss of 395.5
- 313.5 with the stop loss of 305.
- 316 with stop loss of 312.
- All stop loss are mentioned here on closing basis.
TATA Steel Targets : 336-364-386-411-435-469 and so on
Technical Facts :
- TATA Steel ltd trading below 30 days average and above 200 days average on daily chart.At the same time on weekly charts inversely below 200 days average and above above 30 days average.
- Bolinger band: stock is trading below average line on daily charts.
- Looking at the candlesticks on the daily charts, there was a supply gap covered recently. Today a gap up opening given by stock so tomorrows opening will be interesting to decide when to buy the stock but there is on leg on correction is remaining. So one can wait for buying the stock.
- Volume of the stock is trading around average of daily volume.
- ADX index : trading around 16 on daily charts which is indicating buying at this moment.
- RSI is average about 46 where if today closing above 324 then there will be short term of up side. where it can achieve one or to nearby targets.
TATA steel is trading at : 321.85 (+1.10%) on NSE, 322 (+1.07%) on BSE
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Please visit TATA Motors Ltd. for technical data
