Friday, 14 November 2008

Tata Steel may slip to Rs 130-135: Mathew

Technical Analyst, E Mathew is of the view that Tata Steel may slip to Rs 130-135.

Mathew told CNBC-TV18, "I remember having given a sell call on Tata Steel when it was Rs 550 and my target at that particular point of time was around about Rs 150. But this time around, I am really worried, because today if Tata Steel closes even somewhere around about that Rs 170 zone it is pretty worrying because there is a chance that if we do not recover next week we may see Tata Steel possibly even go down to Rs 130-135. That of course would invite a lot of huge contrarian buying etc. But for short-term traders who have been going long on Tata Steel, they would have to undergo a lot of pain if today the stock closes somewhere around the 170 zone."

Source: Moneycontrol

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