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Tata Steel reversed from an intra-week trough at Rs 577 to move to the upper boundary of the short-term range at Rs 685. That is the immediate resistance for the stock. Move beyond will take the stock to the key medium-term resistance between Rs 720 and Rs 730 where the two long-term moving averages are also positioned. The medium-term view will turn positive only if the stock moves beyond this zone.

Fresh trading longs are recommended only if the stock closes above Rs 690. The stock has been struggling with the resistance at Rs 690 over the last three weeks. A reversal from here will result in a decline towards the supports at Rs 620 and Rs 580.

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