Tuesday 4 November 2008

Tata Steel has target of Rs 230-250: Mathew

Technical Analyst, E Mathew is of the view that Tata Steel has target of Rs 230-250.

Mathew told CNBC-TV18, "Tata Steel is not coming out of the downtrend. I think the downtrend is still intact. Optimistic target in this move could be somewhere between Rs 230-250. I would still look at it as a bounce back even if it goes beyond Rs 250 as a very strong bounce back. If it sustains above Rs 250, we could look at a target of around Rs 280. I would be extremely surprised if it is able to cross Rs 250."

He further added, "If you look at the weekly charts or even the monthly charts, the downtrend has been totally demolished. Though fundamentally to a lot of people it would look interesting, I would recommend that even for long-term investors one must be very cautious in this scrip between Rs 230 and Rs 250. I think people should try to exit this scrip around that region."

Disclosure: Analyst associate company has sold out of money calls.

Source: Moneycontrol

Posted by Harsh at 06:44

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