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Tata Steel could not remain immune to the weakness engulfing the other stocks and declined to an intra-week low of Rs 688. This leg of the sell-off has pulled the stock below its long-term moving averages. But a conclusive close below the key intermediate support at Rs 710 is needed to signal that the stock is headed towards Rs 600. Such a move is in line with our broader medium-term view that the stock would fluctuate between Rs 600 and 900 for a few months.

The near-term outlook for Tata Steel is negative. Traders can initiate short positions with a stop at Rs 795 if the stock fails to move beyond Rs 760 in the early part of next week.

– Lokeshwarri S. K.

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