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Tata Steel could not move past our first target at Rs 258 last week. But the reversal from this peak has been relatively mild. The short-term trend can continue to be classified as sideways. A conclusive close below Rs 200 is needed to turn the short-term trend down. Near term supports for the stock are at Rs 192 and then Rs 182. The medium-term view on Tata Steel stays positive. Momentum oscillators in the weekly chart are signalling that a sustainable trough could have been formed at the recent trough at Rs 146. Investors with a medium-term perspective can buy the stock in declines with a stop below the recent trough at Rs 140.

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