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Tata Steel put up a relatively resilient show last week, remaining in the sideways range between Rs 850 and Rs 920.

The near-term outlook stays positive since this shallow correction can be followed by an upward break-out to the long-term resistance at Rs 950. Fresh purchases from the medium-term perspective can be initiated on a close beyond Rs 950 as the subsequent target would be Rs 1,040.

However, negative divergences in the daily oscillators indicate that the stock could decline to Rs 840 or Rs 790 in the near-term. Short-term investors can buy in declines as long as the second support holds.

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