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Tata Steel moved in a narrow band between Rs 645 and Rs 700 last week. Fresh longs are advised only if the stock moves beyond Rs 700 in the early part of the week. The subsequent targets are Rs 735 and then Rs 790.

However, failure to close above Rs 700 can drag the stock lower to Rs 644 or Rs 620 next week. Lack of momentum in the daily oscillators suggests that the stock could move lower in the near-term.

The medium-term outlook will stay neutral as long as the stock remains below the cluster of resistances in the band between Rs 730 and Rs 760.

A range between Rs 550 and 750 is envisaged for a few weeks.

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