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Tata Steel ended the week on an abysmal note, down 11 per cent.

The stock declined below our first target at Rs 626 to an intra week trough at Rs 583. Since there has been no meaningful reversal in the stock yet, there can be further decline to Rs 575 or Rs 557 in the near-term.

Resistances in the week ahead would be at Rs 630 and then Rs 661.

Fresh long positions are advised only on a rally above the second resistance.

The medium-term view for the stock stays sideways and a move between Rs 550 and Rs 900 is likely in this period. The negative factor in last week’s trade is the penetration of the long-term trend line.

In view of this factor, a decline to Rs 500 is likely over the medium-term.

— Lokeshwarri S. K.

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