Tata Steel - Analysis for Intraday and Swing Trading

Tata Steel is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade. We also check the Trend Cycles of it. Before this, we have analyzed Axis Bank : You can check here.

Tata Steel  Option Front :
Tata Steel has given closing at 297.55 on 30^th April 2020. Highest call open interest is at 300 strike price, followed by 320 and highest Open interest at put side is at 250 strike. Some addition at call has side seen at 310.

Trading Range Of Tata Steel 

Now time to find out the trading range of the Tata Steel. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the Tata Steel. Trading range seems to be 250 to 320.

1. Highest Call at 300. 

2. Highest Put at 250. 

1. Pivot Strike at 300.

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles

 

Tata Steel Trend Cycles

Conclusion:

Tata Steel is near at very important resistance that is 300. If it sustains below 300 then some move towards 270 and 250 can be seen. And if able to breach the resistance at 300, we can see some move towards 320 and 340. 

This may take 6 to 7 trading days to happen. In last three day, Tata Steel has given short cover cycles. All cycles are showing weakness in it. If this short cover is followed by short then we can see a move towards 250. All moves depend on 300. 300 strike is a make or break level for Tata Steel.

Disclaimer: The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

 You can check here Daily Nifty and Bank Nifty Analysis.

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