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Tata Steel struggled to hold its intra-day highs as indicated by the four red candles last week.

Yet another doji in the weekly chart indicates that the stock is in the second leg of the correction that began from the peak at Rs 731. The third leg of this down move can drag the stock lower to Rs 605 and below that to Rs 563 in the near term.

Momentum indicators imply weakness in the near term. Traders can utilise small rallies to Rs 654 or Rs 675 to short the stock with a stop at Rs 695.

Positions traders can watch for buying opportunity around Rs 563.

— Lokeshwarri S. K.

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