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Tata Steel moved higher in the first half of last week, but this rally was curtailed at the intra-week high of Rs 884. The 50-day moving average (positioned at Rs 820) is the key support in the week ahead.

The breaching of this support will signal that the third wave down from the Rs 970 peak is in motion. The downward targets in this scenario would be Rs 776 or Rs 709. Conversely, a reversal from Rs 820 will take the stock towards Rs 900 again.

Either way, we retain the negative medium term outlook as long as the stock remains below Rs 910. A move above this level is needed to reverse this view.

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