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Tata Steel moved beyond the key resistance at Rs 850 to achieve the immediate target at Rs 910 last week.

Though the daily oscillators are overbought, the stock could move a little further in the near term towards our next target at Rs 950.

Near term supports for Tata Steel are at Rs 840 and then Rs 790. The short-term view will stay positive as long as the second support holds.

This stock is certainly on a roll, displaying more strength than the rest of the pivotals. We adhere to the view that a sideways move between Rs 600 and 900 is likely over the intermediate term.

The wave counts will be re-visited once the stock records a weekly close beyond Rs 970.

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