Tata Steel can go upto Rs 435: Amit Harchekar

Amit Harchekar of IIFL is of the view that Tata Steel can go upto Rs 435.

Harchekar told CNBC-TV18, “We are recommending Tata Steel at these levels. Tata Steel is currently placed at make or break levels. If you look into the long term charts it has formed a good inverted head and shoulder with neckline placed at Rs 388. So if we have a reversal in Tata Steel from these levels that projects the upside target close to Rs 435. Even if you look into when markets are into the last phase of expansion generally oil and gas and metal stands to outperform the market. So I am expecting underperformance from most auto as well as capital goods sector and metals could see a good up move of 7-8 percent in the near term.”