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The stock of Tata Steel did not move much and closed flat last week. The recent breakthrough of the key support level of ₹230 has kept the bearish trend intact. Short-term trend is down. Both the daily and weekly relative strength indices feature in the bearish zone. Further, the stock trades well below its 50- and 200-day moving averages. Medium as well as intermediate-term trends are down. It has been on a medium-term downtrend from its May high of ₹384. The stock can extend its decline and test the significant support at ₹200. Traders can consider selling the stock with a stop-loss at ₹230. A strong breakthrough of the significant support at ₹200 can reinforce the downtrend and pull it to ₹185 and ₹165. Key resistances are placed at ₹230, ₹250 and ₹265.
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