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Tata Steel did not participate whole-heartedly in the large-cap rally last week, gaining a meagre 2 per cent. There is nascent short-term rally that began from the low of Rs 399 that is not showing any signs of strengthening. The medium-term and intermediate-term trend are still down. The stock is also languishing below its long-term averages.

Traders can play long only if there is a rally beyond Rs 460. The stock can then attempt to rally to Rs 490. A struggle to rally above Rs 460, will move it lower to Rs 376 over the medium term.

Lokeshwarri S. K.

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