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Tata Steel is not yet out of the woods. The recovery towards the end of the week was lukewarm and the stock closed the week with a loss of 2 per cent.

The short-term resistance for the stock exists at Rs 468 and then Rs 486. The stock's struggle to rally above moving averages and the successive lower peaks and troughs underlines the weakness. Inability to rally past Rs 468 will be a cue for initiating fresh shorts with a stop at Rs 490.

The short-term support for this stock exists at Rs 424. A fall below this support can make the price head towards Rs 398.

Lokeshwarri S. K.

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