Tata Steel may test Rs 435: Rishi Kohli

Rishi Kohli of ProAlpha Systematic Capital told CNBC-TV18, "Tata Steel made a bottom of around Rs 195-200 in August 2013 and from there it had a very strong rally to Rs 435 odd levels and then it fell back to Rs 340. Interestingly Rs 340 was the 38 percent retracement of this entire move from Rs 195 to Rs 435 from where it bounced to 50 day moving average and found some resistance there and came down."

"It has taken support around 10 day moving average in a last couple of days. So, its very positive pattern on the chart, the daily NECDs in buy mode and I think it might take a couple of days to navigate the 50 day moving average. I would have a target of Rs 435 with a stoploss of Rs 359 which is the low of the last few days where a strong hammer was made," he said.

Disclosure: He has no positions in SBI and Tata Steel.