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The stock of Tata Steel has been steadily falling since early October. But after dropping to the support at ₹145 towards the end of last month, the downtrend lost momentum. Consequently, the scrip started to move sideways. It was oscillating between ₹145 and ₹150 for nearly two weeks. On Tuesday, it broke out of the resistance at ₹150, opening the door for a rally. We expect the stock to appreciate up to ₹162, where it is projected to meet a trendline resistance. So, for the short term, traders can buy shares of Tata Steel at ₹152 and on a dip to ₹148. Place stop-loss at ₹143. When the price hits ₹155, trail the stop-loss to ₹150. Tighten the stop-loss further to ₹155 when the stock touches ₹160. Exit at ₹162.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading
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