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Tata Steel has been remarkably steady amid all the carnage on the bourses. The stock moved sideways in a narrow range between Rs 750 and Rs 850 over the last two weeks.

The near term trend in the stock is up since the trough formed on January 22. Short-term traders can hold their long positions with a stop at Rs 740. The stock could move towards Rs 850 again in the near term.

However, we continue to advise caution over the intermediate term since the stock is struggling to surpass the resistance at Rs 850. Fall below Rs 710 would mean that the price is headed towards the trough at Rs 557.

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