Tata Steel looks spooky!
Massive call writing and put unwinding took place at the strike price of Rs 500.
I'm expecting downside levels of 450 to 425 Rs.
THE DEAL NOT COMING THROUGH SEEMS TO AFFECT THE PERFORMANCE MUCH. SEE THE STATEMENT GIVEN:
"THE JOINT VENTURE WOULD HAVE HAD ANNUAL REVENUES OF 17 BILLION EUROS AND PRODUCE 21 MILLION TONNES OF STEEL".
IT IS BETTER TO GET OFF OR HOLD FOR LONG TERM ONLY.
LET THE PICTURE BE CLEAR.
THE THYSSENKRUPP STEEL AG DEAL IN EUROPE CANCELLATION IS EXPECTED TO AFFECT THE SHARE PRICE.
THE LEVELS EXPECTED ARE 466 & 444.
FOR DETAILS OF THE DEAL PLEASE GO THROUGH THE LINK PROVIDED IN MY BEYOND TECHNICAL THEME.
Tata steel is facing resistance at the resistance area marked on the daily chart & also some kind of a double top is also getting formed at this level. looking to go short on any kind of violation of the uptrend line on retracement.
this is just my view.....you are free to comment.
TATASTEEL SEEMS TO BE MAKING A TRIANGLE IN B WAVE OF A ZIGZAG CORRECTION. ABC LEGS OF THIS TRIANGLE ARE ALREADY COMPLETED AND CURRENTLY WAVE D IS IN PROGRESS. THE REAL TEST WILL BE WHEN THE PRICE REACHES 540. IF IT REVERSES FROM HERE, TRIANGLE IS A DEFINITE POSSIBILITY AND THEN TATASTEEL CAN BE SHORTED FROM AROUND 570 LEVELS WITH A STOPLOSS OF 590 AND A FIRST...