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Tata Steel extended its downtrend falling 1 per cent last week. It continues to be on a downtrend across all timeframes. The stock tested the key support at ₹200 and moved upwards. However, the recovery is weak. The indicators and oscillators on the daily as well as weekly charts are showing signs of improvement but need to strengthen further to signify that the trend is reversing upwards. A strong fall below ₹200 will reinforce the bearish momentum and drag the stock down to ₹175 in the short to medium term. Conversely, the stock has significant resistances ahead at ₹230 and ₹240-250 zone which have to be breached emphatically for the short-term trend to be altered. The next key resistances are at ₹265 and ₹280. Traders with a short-term view should desist from trading in the stock now.
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