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Tata Steel has been bludgeoned out of shape last week. The ferocious third wave from July peak has dragged the stock below our medium-term target of Rs 563. The immediate support for the stock lies in the band between Rs 525 and Rs 535. The stock could spend a few weeks moving sideways between Rs 525 and Rs 600 before staging a recovery. Long-term investors can use this phase to take fresh exposure to the stock. Short-term investors can also watch out for buying opportunity in this zone. However, fresh longs should be avoided below Rs 520. The stock can then head for the Rs 400 levels.

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