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Tata Steel moved in line with our expectation, breaking out above the resistance at Rs 300 towards our medium term target of Rs 378.

The stock has moved firmly beyond the long-term 200-day moving average at Rs 324 and the medium term outlook will be roiled only on a firm close below this support.

A strong break-out beyond Rs 378 will take the stock to the next medium term targets of Rs 457 or Rs 487.

The near-term trend in Tata Steel too remains positive. Short-term supports for the stock are Rs 323 and Rs 305. Traders can buy in declines as long as it holds above the first support.

Short-term targets are Rs 387 and Rs 422.

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