iCharts Discussions

shrikanthiyer · White Belt Joined: 18 Oct 2010 Posts: 20

Can anybody help me with Tata Steel. I am long in it at 380 levels and it has been continously falling. Don't know the reason for its big fall. Request somebody to help me out on its technicals as I am not aware of technicals.

Thanks

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

its broken 320, and next best support is near 288-290. Market is also going down. So it will take some to consolidate. If it breaks 288-290 then 265 is possible.

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Mr shrikanthiyer

I think headed to 258

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

tata steel is main part of CNX METAL Index having 24% weightage. Its there in nifty 50 also.

CNX Metal was near 5000 in 2011 when it was launched and now CNX Metal Index touched 3000 in jan 2013 is now at 2180-2200. Until it crosses 3500 level again its in long term consolidation mode.

most steel metal stocks are beaten down.

hindalco made new 52 week low.
jindal steel which was near above 600-700 is at 350.
sail made new lows and back to price of 2004-2006.
sterlite industries is at near all time low price.
sesa goa is at 150 back near 2009 price.
nmdc is at all time low (2009 prices)
coal india is also near its lower price

only jsw steel and bhushan steel are holding up OK.

So it will take time. When next trending nifty rally is due to come, steel stocks will major in it.

If ramesh's 258 level is to come that means other steel stocks will also fall and nifty has more downside to come because most cnx metal steel stocks are also in nifty 50.

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

skd2012 · Yellow Belt Joined: 03 Oct 2012 Posts: 948

is it an investment or trading position?