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Tata Steel did not make any decisive move last week. It could not get past Rs 450, emphasising that the medium-term outlook continues to be weak for this stock.

Momentum indicators are just beginning to look up in this stock.

But a setback in the early part of next week can drag the stock to Rs 420 and then Rs 400.

Short-term traders can initiate fresh longs if the stock manages to hold above Rs 420. Fall below Rs 400 will take the stock to the June 2006 low of Rs 376.

Lokeshwarri S. K.

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