Skip to content

Today’s Pick: Tata Steel (₹838.1) : Sell

Today’s Pick: Tata Steel (₹838.1) : Sell

The stock of Tata Steel has been declining since April. The downtrend started around ₹1,385. It has been intermittently falling with minor corrective rallies and extending the decline, the stock invalidated the psychological support of ₹1,000 a couple of weeks ago. The decline has been sharp and the stock closed at ₹838 on Wednesday.

Price action indicates further depreciation in the coming days. From the current level of ₹838, the nearest support can be seen at ₹750. Although there is a good chance of a downside break below that level, ₹750 can be set as a short-term target.

Looking at the prevailing conditions, one can consider opening fresh shorts on Thursday at the current level of ₹838. Place stop-loss at ₹878. Liquidate the short position when the price drops to ₹750.

That said, if the stock opens with a gap-down on Thursday, wait for the price to rise to the ₹838-840 level and then turn lower. On the other hand, short if it opens with a gap-up; However, trading should be avoided if it opens above ₹878.

(Note: Recommendations are based on technical analysis. Trading involves risk of loss.)

Published on

23 June 2022

credit source

Today’s Pick: Tata Steel (₹838.1) : Sell

#Todays #Pick #Tata #Steel #Sell

if you want to read this article from the original credit source of the article then you can read from here

Shopping Store 70% Discount Offer

Leave a Reply

Your email address will not be published.