Tata steel as on 3 May’13 – 311.20
Tata Steel was consistently falling from the beginning of 2013, till last few days. As depicted in attached chart, prices were falling in a channel and recently it broke out from this channel line, and attempting to move higher. Current pullback is supported by momentum also.
According to my understanding, price correction in Tata Steel can be over; it is very much possible that it may extend in time.
Stock Trading Strategy
Initiate Long Position above 315 level, with a stop loss of 295, my first target comes near 340 and next at 360. If Tata Steel fails to hold above 290 levels, than we might see very deep correction, and at this point in time I may rule out that condition.
Alternatively, traders can Buy Call Option
Strike Price = 340
LTP = 2.90 (accumulate near 2.50)
Total Investment = (2.5X1000=2500)
Profit potential unlimited, with very limited risk.
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