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Tata Steel moved in the range between Rs 740 and 840 as anticipated last week. The near-term outlook for the stock stays positive as long as it stays above Rs 750.

But the formation of the expanding triangle in the daily chart is a negative for the stock. Loss of momentum in the daily oscillators too portends weakness in the near term. Fresh long positions are advised only on a close above Rs 850.

The stock is hovering just below the key intermediate term resistance at Rs 850.

The stock is expected to be in a sideways correction in the intermediate term that can make it move in a broad range between Rs 600 and Rs 900.

— Lokeshwarri S.K.

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