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Tata Steel could not move past the resistance at Rs 700 and declined lower to record an intra week trough at Rs 636. Weekly momentum indicators are in the sell mode though there is an attempt to stabilise at lower levels. The stock has been moving sideways with a mildly positive bias between Rs 580 and 700 over the last four weeks. Since this sideways move follows the sharp decline from Rs 920 to Rs 580, the medium-term outlook continues to be negative. A break-out beyond Rs 740 is needed to mitigate this view.

The stock has short-term supports at Rs 640 and then Rs 625. Traders can hold their longs until this support holds. Subsequent support for the stock is at Rs 578.

— Lokeshwarri S. K.

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