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Tata Steel, already in the throes of a bear attack, plummeted to an intra-week low at Rs 440 last week. As explained earlier, the stock has key support around Rs 470 where it bottomed in August 2007. However, the recovery last week lacks conviction and a weekly close above Rs 600 is required to make the medium-term view positive again. Next long-term support is at Rs 394.

Oscillators in the daily chart are oversold though the weekly oscillators continue to appear bleak. Resistance levels for the short-term are at Rs 540 and Rs 600. Fresh short positions can be initiated on a failure to move above the first resistance. Near-term supports will be available at Rs 440 and then Rs 388.

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