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Tata Steel managed to recoup all its intra-week losses and closed flat for the week. The immediate outlook for the stock is positive. A rise to test the next resistance at ₹249 looks likely this week. Short-term traders with high risk appetite can go long. Stop-loss can be kept at ₹235 for the target of ₹248. If the stock manages to surpass the hurdle at ₹249, then the rally can extend to ₹257 and ₹258. Such a rally will also signal a reversal of the long-term downtrend that has been in place since July 2014. But a reversal from ₹249 can drag it lower to ₹240 and ₹235. Key supports are at ₹234 and ₹230. The stock will come under pressure if it records a strong close below ₹230. Such a break can take Tata Steel lower to ₹226. Further fall below ₹226 will increase the downside momentum and drag it lower to ₹220 and ₹215.
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