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Tata Steel meandered sideways for the second successive week. Immediate short-term supports are at Rs 202 and then Rs 180. If the first support holds, it will imply that the stock can unfold the third leg of its move from December 2 trough. The targets as per this count are Rs 265 and Rs 300. Traders can continue to buy in declines as long as the support at Rs 202 holds.

The medium-term trend in the stock continues to be down. But a sustainable trough could have been formed at Rs 146 in November. As mentioned last week, the zone around Rs 250 is a key medium-term resistance. This level needs to be crossed to turn the view overtly positive.

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