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It was a deep 14 per cent cut for Tata Steel last week and the stock moved close to the long-term support band between Rs 370 and Rs 390 indicated in our previous column. The down trend that commenced last November can halt in this band and form a significant trough. However, there are no signs of reversal in the charts yet. If this level is breached, the next support is at Rs 290. Investors can wait for the stock to move beyond Rs 500 before adding to their holding.

Immediate downward target for the stock is at Rs 372 and then Rs 333. Fresh shorts are, however, recommended only on a close below Rs 370. Resistances for the week would be at Rs 460 and then Rs 510.

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