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Tata Steel did not really live up to the promise it held out at the beginning of last week. The stock hit a high of Rs 543 on Wednesday and reversed from that level.

The gains made on Monday and Wednesday was entirely wiped out by the meltdown witnessed on Thursday and Friday. The volumes were also very low. The price has support at Rs 500 and then at Rs 490 this week. Do not initiate fresh longs if the price dips below Rs 490. Stops for long positions can also be kept at this level.

If Rs 490 is breached, the price can fall to Rs 460.

Lokeshwarri S.K.

More Stories on : Technical Analysis | Stock Markets | Steel | Tata Steel Ltd

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