According to IIFL, traders can short on Tata Steel July Future above Rs 418.50 with stop loss of Rs 428.50 for target of Rs 398, in its June 29, 2012 research report.
“Tata Steel has negated bullish formation of inverted head and shoulder pattern after stock price surged below the neckline support of Rs409 earlier. Henceforth, new trend reversal would be confirmed only on three consecutive close above Rs 420 levels. The negation of H&S projects downside target of Rs 370 which should be tested in the near term. We recommend going short on Tata Steel July Fut above Rs 418.50 with stop loss of Rs 428.50 for target of Rs 398. (Duration 7 days),” says IIFL research report.
Institutional holding more than 40% in Indian cos
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