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Tata Steel was bludgeoned out of shape last week as it plunged to a 26 per cent decline. The stock fell to the long-term support at Rs 290 indicated in our previous column. The stock halted at this level in June and again in October 2005.

The next support is at Rs 275.

Long-term investors can hold the stock as long as it remains above these levels. A decline below Rs 275 would denote a possible move lower to Rs 156.

The short-term view remains negative since the stock has not reversed yet.

Resistances for the short-term would be at Rs 365 and then Rs 420. Fresh longs can be initiated only if the stock moves above the first resistance.

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