Expert Opinion

Wordmark of Tata Steel

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We can’t be blamed for our craving for stock tips and expert opinion even if their predicting ability is not proven superior. For example, The Hindu Businessline, on 29.08.2010, predicted that “Tata Steel fell almost 2 per cent last week. The near-term trend is down for the stock. As long as the stock stays below Rs 530, the near-term view is negative. Traders can initiate a short position with stop at Rs 530.Near-term targets for the stock are at Rs 490 and Rs 480. Key resistances above Rs 530 are at Rs 540 and Rs 550. The medium-term trend is still down. Significant medium-term support for the stock is at Rs 450”.

Result : On Monday Tata Steel gained 3.41% and closed at Rs. 527.95.

Lesson : Ignore Experts.

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