Date:16/11/2008 URL: http://www.thehindubusinessline.com/bline/iw/2008/11/16/stories/2008111650230902.htm

Back Tata Steel

The chart pattern in Tata Steel is similar to rest of the pivotals. But this stock has closed below the key support level at Rs 180.

A weak opening next week will mean an imminent decline towards the recent trough at Rs 150.

An upward reversal is possible from here and the stock can then fluctuate in the band between Rs 150 and Rs 250 for a few weeks.

Traders can watch for a rebound around Rs 150.

However if this support is penetrated, Tata Steel can move lower to Rs 136. Investors with a medium-term perspective can hold with a stop at Rs 135.

Subsequent support zone on the chart is in the zone between Rs 100 and Rs 110.

Lokeshwarri S.K.