TATA STEEL :
We initiated short on tatasteel@429 in last week. Now this stock has came down to 390.As per daily charts stock still looks in bears grip & can test 380-63-50 levels. However stock can find supports near 380(SMA-50) or 363(EMA-200). Fibonacci retressment support levels for the counter are placed at 379 (23.6% of last big move from 195 to 435) & 343 (38.2% of last big move from 195 to 435)
As per weekly charts stock is looking week for targets of 362-48-36 below 380.Technical indicators like %R & Stochastic %K has given fresh sell signals.
