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Tata Steel tried to play catch-up with its peers last week, gaining Rs 100 in the last two sessions. The stock has surpassed the outermost target for the fifth wave from Rs 533 trough, thus paving the way for a fifth wave extension that has the next target at Rs 975. If we go up one degree, the targets for the move from the Rs 399 low fall at Rs 864 (achieved) and Rs 1,068. In other words, move past Rs 864, would take the stock towards Rs 1,000 in the medium term.

Short-term investors can buy with a stop at Rs 816. Investors need to hold on to the stock as long as it stays above Rs 760. Tata Steel can continue this explosive move for a few more sessions.

— Lokeshwarri S. K.

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