Tata Steel may test Rs 290: Rahul Mohindar

Aug 23, 2013, 05.18 PM IST

Rahul Mohindar of viratechindia,com is of the view that Tata Steel may test Rs 290 in the near term. "One shouldn't take long positions in the stock at this level," he adds.

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Tata Steel may test Rs 290: Rahul Mohindar

Rahul Mohindar of viratechindia,com is of the view that Tata Steel may test Rs 290 in the near term. "One shouldn't take long positions in the stock at this level," he adds.

Like this story, share it with millions of investors on M3

Tata Steel may test Rs 290: Rahul Mohindar

Rahul Mohindar of viratechindia,com is of the view that Tata Steel may test Rs 290 in the near term. "One shouldn't take long positions in the stock at this level," he adds.

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Rahul Mohindar of viratechindia,com told CNBC-TV18, "It is certainly not a dead cat bounce in Tata Steel and there are a few stocks which are still in their own orbit virtually. So, my own estimation on Tata Steel is there is still a good 7-8 percent for that stock to move up. So, one might be looking at something like around Rs 290 on the stock coming in, so that is where I see seemingly strong pressure."

"At this point I would not advise to take a fresh long position but one can keep a stop loss at about Rs 272 and a target of Rs 290 in the very near term and that is fairly likely. From Rs 290 we would have to review where things are even in terms of the index and then look at the stock particularly," he added.

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