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Tata Steel moved in line with our expectations to a low of Rs 646 on Friday. Momentum indicators in both the weekly and daily charts are implying the continuation of this down move.

If this down-move is correcting the rally since March, the medium-term target for the stock would be Rs 606 or Rs 573. A close below Rs 634 will confirm that the stock is in an intermediate term down-move.

Resistance for the week would be at Rs 680 and then Rs 698. Failure to move above the first resistance would be the cue for traders to initiate short positions with a stop at Rs 700.

Lokeshwarri S.K.

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