Tata steel has been an underperformer among indian equities,in fact the entire steel sector had a bear bite.Pulling the charts with elliot wave counts it seems that the worst is not yet over prices are in a wave iv now and a c leg of the ivth wave is pending which will take it to around 414-415 levels an ideal place to go short on this.The 420-440 calls have a great amount of open interest as short positions which will prove to be a tough resistance for the stock.The stock is due to test 350 levels sooner or later..!!
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