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Tata Steel (₹328.9)
The stock of Tata Steel was also choppy and formed a doji candlestick pattern in the weekly chart, signalling neutral view. But overall, the stock is on a downtrend across intermediate, medium and short-term time frames. It hovers way below its 50- and 200-day moving averages. The indicators both in the daily and weekly chart feature in the bearish zone. Traders with a short-term outlook can initiate short position with a stop-loss at ₹340. Conclusive fall below the immediate support level of ₹324 can pull the stock down to ₹310 and then to ₹300 in the medium term. Only a decisive up-move above the ₹380 level will revise the stock’s short-term downtrend. Any corrective rally can encounter key resistances at ₹340, ₹350 and ₹360 levels. Investors with a medium-term perspective can stay on the sidelines until a clear bullish trend emerges.
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