May 28, 2013

TATA CHEMICAL: It's not looking good this time

TataChem has strong support at 290-300 level. Below that freefall will take it below 250 in few sessions and even 5-15% intraday cuts possible. Investors should hang on still as the fundamental of the company are intact.
Sell only if sustains below 299 and gives close on weekly basis.
Then after sell on every rise as far as it remains below 299.
299 is its multiple bottom support level. The analysis of MACD, and RSI are convincing this time that it will break this level and go down to make new 3-4 years low. Previously on more than 4 ocassions it took support at this level due to recovery n MACD and RSI variables.
While if it starts consolidating at this level then may rise well above. So follow all notes.


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