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

No comments:

Post a Comment

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.