According to IIFL, traders can sell Tata Steel June Futures below Rs406 with stop loss of Rs413 for target of Rs392, in its May 30, 2012 research report.
“Tata Steel has rebounded back to resistance of neckline of head and shoulder top which it violated earlier and has been facing multiple resistance at Rs412. On daily candlestick chart stock has formed a ‘doji star’ for second consective trading session indicating indecisiveness and move below Rs406 would confirm resumption of downtrend in the counter. The immediate support for the stock is seen at Rs380 and below which could extend to Rs360. We recommend going short on Tata Steel June Futures below Rs406 with stop loss of Rs413 for Target of Rs392.(Duration 7 days),” says IIFL research report.
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