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Tata Steel tanked 5.8 per cent last week and closed in the red for the second consecutive week. The stock seems to have resumed its overall downtrend. The 21-day moving average at ₹226 and ₹230 are key resistances for the stock. The stock is likely to fall further and test its previous low of ₹200.4 in the coming days. There is also a danger of the stock declining below the psychological ₹200 mark. Such a fall will drag it lower to the next target of ₹185 or even ₹175-₹170 in the medium term. Traders can go short. Stop-loss can be kept wider at ₹232 for the target of ₹190. Intermediate bounce to ₹226 and ₹230 can be used to accumulate short positions. The stock would get some temporary relief only on a strong break above ₹230. Such a break can take it higher to ₹240 and ₹245 thereafter.
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