July 12, 2016
Tata Steel (NSE Cash)
BUY
` 328.50
` 340 - 342
` 363
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 15:05 IST)
Justification:
As shown in the above exhibit, the stock has given a breakout from the ‘Downward Sloping Channel’ on daily
chart. Since this move has come after a long consolidation, we expect the stock to resume its higher degree up
trend. The volume activity too has picked up to add more conviction to the breakout. Another notable
observation would be a confirmation of ‘1-2-3’ pattern on daily chart. Considering all these multiple technical
evidences along with the daily ‘RSI-Smoothened’ oscillator which has turned northwards, the stock is likely to
give a decent up move in the near term. Thus, traders are advised to buy the stock at current levels and on a
declines upto `340 for a target of `363 in next 14 - 21 sessions. The stop loss for the trade set-up can be kept
at `328.50.
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July 12, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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