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Tata Steel, Godrej CP Futures: Technical Levels to Watch
Tata Steel futures find support near ₹180-182; Godrej CP may see a temporary bounce to ₹990. Key levels and stop-losses for traders.
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Tata Steel futures have taken a hit over the past two weeks, sliding from resistance near ₹193 to test support around ₹180. On Friday, the stock touched a low of ₹180 before recovering, suggesting buyers stepped in at that level. Analysts said the band between ₹180 and ₹182 is acting as a floor. As long as that holds, the bulls have a chance to stage a rebound.
The August futures contract, now trading near ₹184, faces a hurdle at ₹195. A clean break above that level could trigger a rally toward ₹210, according to technical analysts. Below ₹180, the picture turns bearish. A breach of that support could open the door to a deeper decline, so traders with long positions are advised to place a stop-loss at ₹178. Once the contract rises to ₹193, analysts recommend exiting even at a loss, then re-entering only if futures decisively clear ₹195.