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Tata Steel had a strong run last week. Tata Steel recovered from a low of Rs 501 on Monday to close with a weekly gain of 4.6 per cent.

The short-term outlook is positive and there can be a rally to Rs 540 next week.

But, the price has still not broken past the medium term range between Rs 500 and Rs 540.

So, our medium term outlook continues to be neutral.

We will wait for a breakout beyond either of these boundaries before deciding on the medium term trend in this stock.

Lokeshwarri S.K.

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