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Tata Steel staged a minor pullback last week that took it to an intra-week peak of Rs 622. The laboured nature of the pullback and the sell signals in the weekly oscillators herald short-term weakness in the stock.

The short-term resistance for the stock exists at Rs 630. Inability to rally above this level will make the stock move to Rs 567 and then Rs 533 next week.

The band between Rs 560 and Rs 570 can lend medium term support. Investors should not initiate fresh buys if the stock falls below this level. That would pave the way for a fall to Rs 500.

Lokeshwarri S. K.

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