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Moneycontrol India :: News :: Tata Steel may test Rs 900: Mohindar :: Tata Steel :: Stocks Views :: Tata Steel,Rahul Mohindar of Viratechindia
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Tata Steel may test Rs 900: Mohindar
2008-05-08 15:08:42 Source : Your Stocks/CNBC-TV18
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Rahul Mohindar of Viratechindia is of the view that Tata Steel may test Rs 900.

Mohindar told CNBC-TV18, "On the metal sector, it is a very mixed view if you look at the chart of SAIL for that matter I would put a sell on it but within the sector, which we would feel is on a sideways to a negative tone I think Tata Steel would stand out to be an outperformer and it has proven its matter possibly in the last couple of weeks with a really good climb in terms of prices. If we look at those tops which the stock made towards February-March-April we saw somewhere between Rs 840-846 typically that was a belt of clear resistance and that is the same pressure that we are witnessing now. We have come close to those levels so you are bound to see some kind of volatility, some kind of a pause coming into the stock. So overall the trend does remain positive on Tata Steel. I think above Rs 846 I would be even looking at adding on as a trader. I think the stock is poised towards Rs 900 with a medium-term outlook. I would not expect too much in the next couple of days though."

Dislcosure: Analyst doesn't hold the above stocks.

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