Sell Tata Steel Future; target of Rs 427: IIFL

According to IIFL, traders can sell Tata Steel April Futures below Rs 447 with stop loss of Rs 457 for target of Rs 427, in its April 16, 2012 research report.

“Tata steel has been trend downwards with formation of lower tops and lower bottom with Rs455 acting as major resistance. On Friday`s trading session Tata steel formed a ‘shooting star’ pattern which is a short term trend reversal and thus engulfing previous doji pattern. A move below Rs448 would negate the bullish implication of the same confirmed with MACD indicating a downward crossover. Adding to it, the 200 DMA has been convincingly broken which supports selling argument in the counter. We recommend going short on Tata Steel April Futures below Rs 447 with stop loss of Rs 457 for target of Rs 427,” says IIFL research report.     

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