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Tata Steel moved sideways between Rs 540 and Rs 600 in line with our expectations. The stock is holding above the long-term moving average at Rs 530.

Short-term investors can hold the stock as long as it trades above this support. The resistances to watch out for are at Rs 610 and then at Rs 632. The stock is expected to struggle to surpass the first resistance over the next few weeks.

Though weekly oscillators have deteriorated significantly, the presence of strong intermediate term support around Rs 520 makes it an ideal level, where investors with a medium-term perspective can take exposure to the stock.

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