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The crash in Tata Steel last Tuesday resulted in a 5 per cent weekly loss.

The spurt in volumes accompanying this sell-off does not bode well for the stock.

The stock is now moving towards the lower boundary of its current trading range at Rs 580.

It has been vacillating between Rs 580 and Rs 700 over the past month.

There are a cluster of long-term supports in the band between Rs 550 and 600 which would cushion any declines in the near term.

The short-term trend in the stock is currently down and rallies would face resistance at Rs 640 and then at Rs 662 in the week ahead.

Failure to surpass the first resistance would be a cue for short-term traders to initiate fresh short trades.

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