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Tata Steel reversed downward on Monday to record an intra-week low at Rs 641. As indicated last week, an intermediate term trough could have been formed on March 24. The up-trend from this level faces resistance from Rs 722 and then from Rs 811. Since the stock is reversing from the first resistance, Tata Steel can now fluctuate between Rs 550 and Rs 750 for few weeks. The cluster of resistances in the band between Rs 700 and Rs 750 would be difficult to overcome in the near-term.

Short-term traders can initiate fresh shorts if the stock fails to move beyond Rs 695. It can move lower to Rs 596 and then Rs 575 in the near-term.

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