IGI Logo

Technical Observations

* The metal space continues to remain in strong up trend as the Nifty Metal index has recently registered a breakout above last three months range and is seen sustaining above the same signalling continuation of up trend

* The share price of Tata Steel during previous week witnessed strong buying demand from rising demand line joining lows of March & May 2021 and 20 day EMA (currently at 1374) highlighting positive price structure and offers fresh entry opportunity.

* The stock is at the cusp of breaking above last two weeks range (| 1481-1367) and is expected to continue with its positive momentum and head towards | 1540 levels in the coming weeks as it is the 161.8% external retracement of its recent breather (1481-1367) signalling upside towards | 1540 levels

* Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy Tata Steel Ltd @ 1415.00-1436.00 TGT 1540 SL 1318

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer