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Tata Steel moved in line with our expectation last week; first plunging to a low of Rs 785 and then recovering to move beyond Rs 900. The fourth wave of the move that commenced from the March trough of Rs 400 appears to have been completed in the volatility of the last two weeks. The next wave up has the targets of Rs 984 and then Rs 1,072. Since the outer target has already been achieved, another correction could be around the corner.

Traders are advised caution in this stock in the near term. The stock could fall to Rs 950 or Rs 920 next week. Fresh longs should be avoided if the stock falls below the second support. The resistances would be at Rs 1,048 and then Rs 1,072.

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