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Despite the sharp plunge last Monday, Tata Steel recovered strongly to achieve our short-term target of Rs 893. The stock appears to have completed the move that commenced from the August 17 trough.

The subsequent move could be a sideways consolidation in the band between Rs 750 and Rs 900 before the next leg of the up-move unfurls. Short-term investors ought to hold the stock with a stop at Rs 750.

Tata Steel has the short-term supports at Rs 807 and then Rs 768. Traders can buy for the short-term if the first support holds. The upper targets for the week ahead are at Rs 915 and then Rs 962. Fresh longs should not be initiated if the stock falls below Rs 800.

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