- December 11, 2008
- Posted by: Ramki Ramakrishnan
- Category: Indian Stocks Trading
When Tata Tea reached the 430 level a few days back, it was clearly time to buy. Not only was the overall market in an oversold condition, this particular stock had reached a 123.6% Fibonacci projection of its previous large decline. From the 430 area, we have already seen over 30% gain, and it is natural to start wondering where we will run into some profit taking. This level comes at 574. The major resistance actually lies at 600, but am quite happy to recommend getting out of longs above 570. We should see a decline of at least Rs100. Good luck.