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Tata Steel (₹324)
The stock of Tata Steel advanced almost 3 per cent last week. It is still in a downtrend across the intermediate, medium and short-term time frames and trades well below its 50- and 200-day moving averages. But both the relative strength index and moving average convergence divergence indicators show positive divergence, implying that trend reversal is on the cards. The stock needs to conclusively rally above its immediate resistance band between ₹340 and ₹350 for initial conformation of trend reversal. Next key resistances are placed at ₹360 and ₹380. A strong fall below the immediate support at ₹315 can pull the stock down to ₹300, a long-term base level. Short-term traders should be cautious. Those with a medium-term view can buy the stock on dips with a stop-loss at ₹300.
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