Tata Steel is in good hands: Shrikant Chouhan, Kotak Securities

Shrikant Chouhan, Senior Vice President Technical Research, Kotak Securities, in a chat with ET Now talks about Tata Steel.

What is the view on Tata Steel?

This stock is also into strong hands and if we compare this with market, whenever there is breakout in the market, we have seen substantial rally in Tata Steel. This time also, the stock is near to its breakout level of 700. Market is already into breakout mode and Tata Steel is just below its important level of 700.

So the stock is very clearly in the mode of heading this level of 700. Any levels 650-640 from current levels, any decline will be an opportunity to look at this stock to buy, to add, to accumulate with a minimum target of 700. We have seen lot of strong breakouts in last 3-4 months and after breakout we have seen minimum 10% more rally above that breakout level. So I am expecting some 770-780 in next 2 months.