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Tata Steel's action is similar to SBI.

It is moving sideways just below important resistance level. A reversal below Rs 575 can start an intermediate term down move that can drag the stock lower to Rs 480.

A strong close above this level can take the stock towards Rs 650. This state of flux calls for playing long, but with tight stops. No fresh longs should, however, be initiated if the stock dips below Rs 515. Short-term traders can avoid trading as long as the stock is oscillating in the zone between Rs 530 and Rs 580.

Lokeshwarri S. K.

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