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Tata Steel moved in line with our expectation last week, reversing below Rs 924 to fall to an intra- week low of Rs 820. The key support next week would be at Rs 816.

Fall below this level will confirm our assumption that a five-wave move from the March trough has been completed and a corrective wave of a larger degree is in progress.

Such a move can drag the stock lower to Rs 730.

Short-term investors can exit the stock if it falls below Rs 800.

Traders can continue to sell on rallies with a stop at Rs 905. Investors with a longer perspective can hold the stock with a stop at Rs 725.

— Lokeshwarri S. K.

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