According to IIFL, traders can sell Tata Steel Future above Rs 447 with stop loss of Rs 457 for a possible target of Rs 427, in its January 3, 2013 research report.
“Tata Steel on the daily chart has formed trend reversal pattern namely a counter attack bear on candlestick and after it failed to cross resistance of Rs448. The RSI has been trading in extremely over bought zone favoring risk reward ratio on the downside. The immediate support for the counter is seen at Rs430 which turns out to be 10 DMA. Today there could be possibility of prices retesting resistance of Rs448 before selling pressure resumes,” says IIFL research report.
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