"Tata Steel has come out from the recent consolidation and was facing resistance around Rs 418, because today it has crossed that level so there could be a possibility that some momentum can pick up. Even then I would look for the stock to cross above Rs 425 and if it sustains only above that I would be keen on buying that with a stoploss of Rs 410. Till that does not happen this breakout could be a failure, so we should not go aggressive at this point of time."
He further added, "In L&T people who are long can keep a trailing stop loss at Rs 1280. Now the stock has already run away. If we look at the overall chart there is a downward sloping trend line, which has resistance in the range of Rs 1,380 to Rs 1,400. So if people are already holding longs, they can keep trailing stop loss at Rs 1,280 but fresh longs should not be initiated at this level."
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