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Tata Steel (₹371.9)
Tata Steel made a low of ₹355.4 and reversed higher to close over 3 per cent for the week. But a resistance around ₹380 is resisting this bounce-back rally. As long as the stock remains below ₹380, a fall to ₹360 and ₹355 is possible. As mentioned last week, the region between ₹350 and ₹345 is a strong support zone, which may limit the downside in the stock. The stock will come under pressure only if it falls below ₹345. But the presence of a series of supports in between ₹350 and ₹345 reduces the possibility of a break below ₹345. The stock may remain range-bound between ₹350 and ₹380 for some time before we see a fresh rally. The levels of ₹382 and ₹387 are significant resistances. A strong break above ₹387 will increase the possibility of a rise to ₹410 and ₹420. Short-term investors can accumulate longs near ₹350 and retain the stop-loss at ₹340 for the target of ₹430. Medium-term investors can also accumulate near ₹350 and maintain the stop-loss at the level of ₹310.
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