Tata Steel (Buy, in range Rs577-579 Target Rs600): A solid rebound from the 200 DMA yesterday accompanied with a ‘hammer’ pattern on candlestick has signaled a trend reversal from the short term down trend. With coinciding support of 100 DMA and 200 DMA respectively at 474, and RSI sustaining above 50 levels on the weekly charts increases scope for bounce back in the counter. Adding to it rising support line drawn from the October 2010 has been holding quiet well. We advise buying stock in the range of Rs577-579 with stop loss of Rs569.
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