Tata Steel may test Rs 480: Pritesh Mehta

Pritesh Mehta of IIFL is of the view that Tata Steel may rise by 10-15 percent and test Rs 480 in the medium term.

Pritesh Mehta of IIFL told CNBC-TV18, "Metal space have underperformed in this market especially Tata Steel . In 2011 the stock came down by 50 percent and in the last three years the stock has been moving in the range of Rs 330 on the downside and Rs 470 on the upside. On the weekly charts I believe that things are now looking to change because there are signs of reversal seen on multiple time frames. In fact, on the weekly charts you can spot a breakout from an inverted head and shoulder pattern."

"There could be a potential upside of at least 10-15 percent going forward. For a consecutive target I am expecting an upside till Rs 480 in the medium term," he said.

Disclosure: Analyst must have recommended these trading ideas to his clients but has personal holdings.