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The ceiling at Rs 850 once again thwarted Tata Steel’s attempts at recovery last week. The reversal from the intra week high at Rs 838 could be the beginning of the third leg of the sell-off that began from the January peak at Rs 952.

This leg has the downward targets of Rs 594 and then Rs 557.

The 10-day rate of change oscillator slipping in to the negative territory portends extension of the weakness in the near-term.

However, the stock is close to its intermediate term support at Rs 667. Fresh short positions are recommended only on a fall below this level. The resistances for the week would be at Rs 750 and then at Rs 782.

— Lokeshwarri S. K.

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