It was such an upset that after having a good uptrend support from June to Dec2013. It unexpectedly fell off and broke down the uptrend channel even though US is having a good year.
It also gone below and had a false breakout to the 2010 to 2013 downtrend channel.(IN DARK RED)
At P/E of 10x, this should be competitive to the Equity prices in US and EU. But it can hardly get up.
Immediate support at 22500 (November lows).
With a target downside of 21,300 to 22,150.
4.5year uptrend support is at 20,850.
Tata Steel will remain in focus in today’s trade as the company's board after the market hours on last Friday approved to raise Rs 12800 crore through a rights issue of equity shares.
ReplyDeleteStock Advisory Company