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Tata Steel spent the week in a sedate sideways movement, fluctuating between Rs 830 and Rs 870 for most part. Though negative divergences are apparent in the daily momentum charts, we consider this move as a pause before the stock moves higher to Rs 893 or Rs 921 over the short-term.

Traders can continue to buy the stock in corrections with a stop at Rs 800.

The medium term counts stay unaltered. The next medium term target for the stock stays at Rs 975.

This view will be negated only on a fall below Rs 750. Position traders can hold the stock with a deeper stop at these levels.

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