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Tata Steel recorded a small rally last week to end with an 8 per cent weekly gain. The stock is consolidating sideways between Rs 200 and Rs 240 since the first week of December. Since this move comes after a sharp rally from the Rs 146 trough, there is a possibility that the stock can breakout higher to Rs 258 or Rs 291. Short-term traders can hold the stock with a stop at Rs 200. Medium-term investors can hold with a deeper stop at Rs 180.

The fact that the recent correction since the peak at Rs 237 has been a shallow one is a positive for the stock and confirms our view that there is great buying interest in the stock and a sustainable low could have been formed at Rs 146.

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