The stock has fallen almost 35% from the highs it made in the month of April and now its trading in a channel shown by 2 red lines. The stock has strong support zone between 410-440 levels, the reason being: 1) 440 is bottom made during panic fall in Nov 2) 410 is the bottom made in Sept '09 3) 50% retracement level of the entire rally of 140 to 700 odd levels. In addition to all this red channel support also lies in the blue rectangle between 410-440. Investors are advised to accumulate tatasteel between 410-440 in a slow and staggered manner for a bounce upto 490/525 levels.
Regards
Ankit
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