May 15, 2017
Tata Steel (NSE Cash)
BUY
` 432
` 443 - 445
` 468
5 - 10 sessions
Daily Chart
200-day SMA
Source: Falcon (Time: 09:30 IST)
Justification:
The entire ‘Metal’ space has been undergoing some correction in the recent past. ‘Tata Steel’ seems to have completed
its corrective move as it’s been hovering around the ‘200 day SMA’ as well as the 61.8% Fibonacci retracement (of recent
up move) since last few days. Looking at the positive crossover in daily ‘RSI-Smoothened’ well inside oversold territory,
we expect a decent bounce back in the counter. Today, the stock prices have confirmed a breakout on the hourly chart.
Thus, we advise traders to buy this stock at current levels to a decline up to `443 for a target of `468 over the next 5
- 10 sessions. The stop loss should be fixed at `432.
Sameet Chavan
022-3935 7600 Extn: 6552
[email protected]
1
May 15, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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