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Despite a relatively muted performance, Tata Steel emulated the other pivotals in rallying to a record peak last week.

The fourth wave from the Rs 533 low ended last week and the fifth wave can now take the stock higher to Rs 768 and then Rs 794.

Since the stock is still away from the first target, fresh longs should be initiated only on a close above Rs 768.

The medium term target for the stock is at Rs 864. Some caution should be exercised in the zone between Rs 730 and Rs 770.

Supports for the week ahead are at Rs 722 and then Rs 703.

Traders can buy in corrections as long as the stock stays above Rs 700.

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