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Tata Steel displayed resilience last week and moved higher on Thursday to close the week in the positive terrain.

The movement over the last two weeks holds out the promise of a breakout to Rs 735 or Rs 793.

But traders need to stay alert in the strong resistance zone between Rs 720 and 740. A reversal from here should be the cue to book profit on trading longs.

Supports for the week would be at Rs 672 and then Rs 644.

The medium-term outlook stays neutral.

The immediate medium-term resistance is at Rs 715 and then at Rs 765. The likely medium-term range remains between Rs 550 and 750.

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