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Tata Steel halted after recording an intra week peak at Rs 925. Despite the weakness towards the end of the week, the short-term outlook stays positive for the stock.

The near-term target stays at Rs 950. However, fresh longs should be avoided below Rs 870 as such a move will portend a decline to Rs 790. The long-term averages present at Rs 750 would provide the next support.

The stock could be charting a zigzag pattern from the Rs 575 trough that has the targets of Rs 952 and then Rs 1,040. Since the stock is close to the first target, investors should stay watchful. As mentioned earlier, the upper band of the stock’s medium-term trading range too is at Rs 900.

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