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Tata Steel was relatively unscathed in last week’s sell-off though it spent the week moving in a band between Rs 780 and Rs 900. The second leg of the down-move from the Rs 970 peak is currently in progress. We adhere to the view that the third leg of the down-move can drag the stock down to Rs 710 in the medium term. Traders can short the stock in rallies with a stop at Rs 900.

The medium-term outlook is positive as long as the stock remains above Rs 760. Lack of momentum in both the weekly and the daily charts imply that the stock would drift lower over the next few weeks.

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