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Tata Steel recorded an intra week low at Rs 575 before rebounding strongly. Since the first target for the C wave from January peak was at Rs 594, an intermediate-term trough could have been formed at this trough. The stock could now form an ‘X’ wave that can precede another three wave formation. In other words, this sideways band between Rs 600 and Rs 900 can continue for a few more months.

The upward targets for the week ahead are at Rs 750 and then Rs 816. Short-term traders can buy the stock with a stop at Rs 665. The subsequent supports are at Rs 630 and then Rs 575. The key medium-term support for the stock is at Rs 560.

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