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Tata Steel (₹374.4)
Tata Steel managed to sustain higher last week in spite of a strong sell-off in the broader benchmark indices. While the weekly candle is showing mixed signals, the broader outlook remains positive for the stock. Immediate resistance is between ₹383 and ₹385. A strong break above this resistance zone will ease the downside pressure and trigger a rally to ₹400 and ₹415 once again. But inability to break above ₹385 may keep the stock range-bound between ₹360 and ₹385 for some time. In such a scenario, an intermediate fall below ₹360 to test the crucial support at ₹350 cannot be ruled out. A series of supports between ₹350 and ₹345 reduces the possibility of a fall below ₹345. Such a fall will be a good opportunity to buy the stock. 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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