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Tata Steel is not gaining strength for a strong bounce-back move. The 100-day moving average at ₹395 has resisted the upside strongly all through the week. As long as it trades below this resistance, a fall to ₹375 and ₹370 is possible . A break below ₹370 is less probable . A reversal from there can take the stock higher to ₹400 and 440 . It will also keep the ₹370-₹440 range intact. The broader bullish view remains intact. A subsequent break above ₹440 can boost the momentum and trigger a fresh leg of rally to ₹485 and ₹490. Shortterm
investors can wait for dips and accumulate long positions after the stock reverses from ₹375 or ₹370. Retain the stop-loss at ₹365 for the target of ₹465. Medium-term investors can hold on to their long position with a stop-loss at ₹340.
Revise the stop-loss higher to ₹360 as soon as the stock moves up to ₹470. If the stock declines below ₹370, it can fall to ₹350. Further fall below₹350 is unlikely as cluster of key supports are poised around it.
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