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The resistance around ₹480 continues to cap the upside in Tata Steel for the second consecutive week. The stock made an intraweek high of ₹487 and fell sharply from there to close slightly lower for the week. Charts suggests a range-bound move between ₹455 and ₹480 in the near term. A breakout on either side of ₹455-₹480 will then decide the next move for the stock. A break below ₹455 may take the stock lower to ₹447 initially. Further break below ₹447 will increase the possibility of the fall extending to ₹435. On the other hand, a strong break and a decisive close above ₹480 may boost the momentum. Such a break will keep the overall uptrend intact. If the stock manages to sustain above ₹480 thereafter, a rise to ₹500 is possible. A subsequent break above the level of ₹500 will see the upmove extending to ₹540 and ₹550. Medium-term investors can hold the long positions with a stop-loss at ₹390. Investors with less risk appetite can book partial profits at ₹445 if the stock falls below ₹447.
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