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It was a dismal show by Tata Steel last week with a 7 per cent weekly decline. The stock has closed below the key support at Rs 557. If we assume that the third wave from the Rs 925-peak has commenced at the August peak at Rs 700, the minimum downward target would be Rs 489. The next long-term support on the chart is the August 2007 trough at Rs 471.

In short, investors can watch for a halt between Rs 470 and Rs 490. But the support, that is of greater relevance to long-term investors is at Rs 350.

Near-term view is extremely weak for Tata Steel. Rallies would face resistance in the zone between Rs 600 and Rs 620. Short-term traders can go short on rallies with a stop at Rs 620.

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