TATA STEEL

tata steel
Originally uploaded by sdeesai

TATA STEEL
The stock has been in a downward channel almost similar to a flag but the flag is too long in length and can lead to breakdown from the channel instead of a breakout.
The candle and channel supports come in at 418 and then at 405. Also after taking a significant swing low and recent high the 50% retracement of that swing comes in at 410. Resistance is at 440 and then at 460.Below 400 longs are dangerous and above 440 and 460 shorts are dangerous in TATA STEEL
OI data
The 440 calls options have OI of more than 9lac and hence will present a heavy resistance, on the down side 400 puts have significant OI and hence can lend strong support in the region of 410-400.