Sell Tata Steel January future; target Rs 330: IIFL

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Sell Tata Steel January future; target Rs 330: IIFL

According to IIFL, traders can sell Tata Steel January futures below Rs 346 with stop loss of Rs 354 for target Rs 330, in its December 28, 2011 research report.

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According to IIFL, traders can sell Tata Steel January futures below Rs 346 with stop loss of Rs 354 for target Rs 330, in its December 28, 2011 research report.

"Tata Steel has been struggling to surpass resistance of Rs360 since last couple of days, thus confirming near term negative outlook. Earlier Rs360 acted as a strong support zone which has turned into a resistance area. In fact Rs360 forms a neckline of 'Head and shoulder pattern' and amplitude of pattern indicates that the stock could be testing levels of Rs330 in the coming days. We recommend shorting Tata Steel January Futures below Rs 346 with stop loss of Rs 354 for target Rs 330. (Duration 7 days)," says IIFL research report.

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