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Investors in Tata Steel went on a roller coaster ride last week as the stock initially rose to Rs 679 and then plunged to close the week art Rs 610. The cluster of long-term support at Rs 583, Rs 575 and then Rs 557 will cushion any decline in the near term. Weekly oscillators moving deep in to the negative zone imply that the stock could decline further in the medium term. However, the above mentioned supports need to be penetrated before the stock takes a step lower to the next medium term target at Rs 500.

The stock could stay volatile in the short term and traders should desist from trading as long as the stock stays in the band between Rs 575 and Rs 680. Key short term resistance lies at Rs 715 and then Rs 740.

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