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Published on 23/11/2019 1:56:14 PM | Source: ICICI Direct

Buy Tata Steel For Target Rs.445 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Metals Sector #Tata Steel Ltd #Trading Report #ICICI Direct

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Weekly future recommendation:

Buy Tata Steel (TATSTE) November future in range of | 395-400. Target: | 445; Stop Loss: | 374

Rationale

The metal space, especially ferrous stocks, have shown significant resilience in the recent period and have not reacted much to the latest US China phase one deal uncertainty. Tata Steel has witnessed a gradual move since mid-October on the back of continued short covering in the futures space. The open interest in the stock has already declined from 33 millions shares seen in the last series to just 20 million shares indicating ongoing short covering. Significant closure among ATM and OTM Call strikes indicates the ongoing positive bias in the stock.

 

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