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Tata Steel

Lokeshwarri S.K.

The stock moved sideways last week. The short-term bias is turning positive, as the momentum oscillators in the daily chart are indicating that the scrip can move up further. Price action suggests a running correction in this chart, which shows strength. Thin volumes are, however, a concern. The resistance at Rs 527 mentioned last week has also not yet been overcome. Fresh longs can be initiated above Rs 528 for an upward target of Rs 571. Supports for the week would be at Rs 485 and then Rs 451.

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