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Tata Steel continued plunging into an abyss recording yet another 14 per cent weekly decline. The stock has also sliced through the support at Rs 275. It needs to recover next week and record a weekly close above Rs 295 to salvage the situation. Else, it can head towards the next long-term support at Rs 156.

Though daily and weekly momentum indicators are deeply over sold, the near-term trend in the stock remains negative. The stock can decline to Rs 214 or Rs 193 in the short-term. A trough is likely to formed soon, which can be followed by some sideways movement at lower levels. Resistance levels for the week ahead would be at Rs 328 and then Rs 350.

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