Thursday 16 October 2008

Exit Tata Steel on rise: Bose

Technical Analyst, Rajat K Bose is of the view that rally in Tata Steel should be used as opportunity to get out of it as technicals have become so damaged that immediate recovery is not likely.

Bose told CNBC-TV18, "Tata Steel has got some support between Rs 263-271, so unless and until Rs 263 is decisively broken, it will hold out, but I tend to think that it is also heading towards something like Rs 220-230. These kind of stocks, if they were to rally, then one actually should take that as an opportunity to get out instead of building up any fresh position thinking that they are offering value or something because the technicals have become so damaged that I don�t think immediate recovery is likely."

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.

Source: Moneycontrol

Posted by Harsh at 18:01

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