A TECHNICAL UPDATE ON TATA STEEL LTD-8.3.2024.

 

TATA STEEL LTD

PREVIOUS- ATH---153. 45 MADE ON 16.8.21

NEW ATH--159. 15 MADE ON 7.3.2024

CMP---157. 25 ON 7.3.2024.

It has given breakout on 2.3.2024 from its previous all-time high of 153.45 after more than 30 months and then corrected for 3 days but again above the breakout of 153.45, which is a bullish sign, please note that if it sustains the breakout then the upside target could be 170/176/183/188/197/200/206/224/267. It is in the new territory now therefore likely to continue the up move with intermittent corrections. In worst case scenario if it holds the range of 141.25---139.30 on the closing basis then the chance of up move will be alive but sustained break below 139.30 can drag it down.  It is suggested to avoid long trade below 153.45 but can be tried on the decline near or within the range of 141.25---139.30 with a stop loss of 137. 

The authentic stop loss for the long trade now would be below 139.30 or say 137.50 and the short stop loss would be 145.  

 IMPORTANT NOTE: -- IT IS IN THE NEW ZONE THEREFORE LOOKS HIGHLY BULLISH AND LIKELY TO CONTINUE THE UP MOVE, BUT PLEASE NOTE THAT MOST OF THE ACCIDENT DO HAPPENS IN THE NEW ZONE ONLY.THEREFORE IT IS SUGGESTED TO RIDE THE RISE IN THE LONG TRADE WITH AN EXTREME CAUTION AND ALERT.                                                                                 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be technically reviewed at regular intervals.                                                

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com