Hold Tata Steel , says Hemen Kapadia, CEO, chartpundit.com.
Kapadia told CNBC-TV18, "Tata Steel has moved from Rs 330 to Rs 480 in seven weeks. It is overbought. The Moving Average Convergence-Divergence (MACD) has given a sell on the daily charts yesterday and there are results today, so that's going to be slightly more confound again in terms of technical. So we had a run up, we have entered a corrective phase. This is going to take some time to unravel but I think it should be a hold. We have entered an intermediate uptrend."
He further added, "A retracement should take it to Rs 420 or so, then bounce back. So I think either you should be able to break even or make some money from one to two month time frame. I think as of now it will be a hold."
