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Tata Steel reversed last Monday, in line with our expectation and fell to an intra-week low of Rs 860. The short-term trend has turned down in the stock. The stock will face short-term resistance at Rs 924 and then at Rs 970. Failure to move above the first resistance would be the cue for traders to short the stock with the downward target of Rs 832 and then Rs 804. The near term outlook will turn positive only when the stock moves above Rs 970.

Though the move that began from the March trough can end around these levels, we maintain a positive medium term outlook as long as the stock stays above Rs 800. Investors can hold with stop at Rs 780.

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