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It was another disappointing show by Tata Steel. The sharp decline from the peak at Rs 250 shows that bears have a stranglehold on this counter. It is currently hovering around the key short-term support at Rs 180. If this level holds, the stock can move higher to Rs 238 or Rs 276 in the short-term. Decline below Rs 176 will drag the stock down to Rs 150 or even Rs 136. Fresh short positions can be initiated on a decline below Rs 176.

The dark-cloud cover in the weekly candlestick chart implies that the medium-term view for the stock remains negative. Medium-term resistances would be at Rs 280 and then Rs 360. Fresh investment purchases are recommended only on a close beyond Rs 280.

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