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Tata Steel declined to our first support at Rs 156 before rebounding last Monday.

There is a piercing pattern in the weekly candlestick chart but it is not convincing enough to signal a reversal. Short-term traders can hold their long positions with a stop at Rs 145.

The current uptrend can take the stock higher to Rs 231 or Rs 280 in the short-term.

Failure to surpass the first resistance can drag the stock lower to Rs 150 or Rs 136 once again.

Medium-term view will turn positive only on a close above Rs 360.

The stock is likely to spend a few months moving in a sideways band between Rs 150 and Rs 350.

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