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Tata Steel reversed from an intra-week peak at Rs 503 and appears headed towards the recent low at Rs 440. As explained earlier, the stock has immediate support in the band between Rs 440 and Rs 500.

However, if this level is penetrated, the next long-term support is available between Rs 370 and Rs 390. Investors should hold the stock as long the stock remains above this zone.

The short-term outlook for the stock is negative. It can decline towards Rs 440 and then Rs 404. Traders can look out for buying opportunity around Rs 440.

Resistances for the week would be at Rs 500 and then Rs 540. Close above the down trendline at Rs 520 is needed to mitigate the negative near-term view.

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