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It was a rocky week for Tata Steel as the stock first rose to a high of Rs 821 only to give up all the gains towards the weekend. Since the stock is reversing from key resistance at Rs 800, the up-move from the Rs 557 trough could be the B wave of the correction that commenced at Rs 952. The C wave down has the targets of Rs 577 and then Rs 426. Traders can short the stock in rallies with a stop at Rs 830.

The stock could slide lower to Rs 723 and then Rs 660 in the near term. Breach of the second support would indicate that the stock is heading towards its medium-term targets. Investors need to wait for the stock to fall to the support zone around Rs 550 before nibbling in to the stock.

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