TATA STEEL – Nearing Resistance.
SELL @ 285 LOT SIZE 1000 SL 295 TGT 260 SELL IN SEPTEMBER SERIES
-> Previously the stock had made 3 bottoms around 290-296 zone ( shown by arrows).
-> Post the breakdown the stock did make an attempt to get back above the zone which failed.
-> The stock has seen a huge 40% move with very good volumes.
-> Right now at 285 levels it is getting close to a very important resistance. But there is no change of trend yet.
-> Given the big rally and near resistance can expect a pullback to 260. A short trade can be initiated with stops at 295.
