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Last week, Tata Steel’s stock was volatile and fell almost 2 per cent. It continues to be on a downtrend across all-time frames — short, medium and long term. After testing the important resistance band between ₹240 and ₹250, the stock started to decline, marking an intra-week high at ₹243.9. Traders with a short-term horizon should tread with caution in the ensuing week. Only a strong rally above the resistance band between the levels of ₹240 and ₹250 will provide buying opportunity for traders with a short-term view. In such a case, the targets will be ₹265 and then ₹280. Conversely, if the stock continues to decline, it can find support at the level of ₹215 and then in the range between ₹195 and ₹200, which is a key long-term support zone. A further fall below this base level can drag the stock down to ₹175 in the medium term.
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