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Tata Steel moved contrary to our expectation last week. It recovered from an intra week low of Rs 491.6 to move closer to the upper boundary of its current trading range between Rs 500 and Rs 540.

A sharp move past Rs 540 would mean that this is the third leg of the upward move from Rs 376.8.

The targets for this move are Rs 601 and Rs 674. Wait for a strong breakout beyond Rs 540 before initiating fresh long positions here.

Reversal from Rs 540 would mean that the sideways consolidation would prolong for some more time.

Lokeshwarri S. K.

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