Sell Tata Steel Fut; target of Rs 560: IIFL

According to IIFL, traders can sell Tata Steel Future below Rs 576 with stop loss of Rs 584 for target of Rs 560, in its May 17, 2011 research report.

"Tata Steel had been trading in a complex Head & Shoulders pattern from November 2010 with neckline placed at Rs 584. On Monday, the stock fell below the support of its neckline and closed below it. Moreover, the stock is trading well below its 200-DMA from last two weeks, suggesting weakness. On the weekly chart, the stock has also broken below the small consolidation pattern. Based on above observations, we recommend traders to short Tata Steel May Futs below Rs 576 with stop loss of Rs 584 for target of Rs 560,

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