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Tata Steel (₹343.3)
Tata Steel slumped 3.5 per cent last week. It now tests a key support at around ₹350. The indicators in the daily and weekly chart feature in the bearish zone, implying downward momentum. A decisive fall below the current support level will strengthen the stock’s short as well as medium-term downtrend and pull it lower to ₹330 and then to ₹310 levels in the medium term. Hence, traders with a short-term perspective can sell the stock while maintaining a stop-loss at ₹355. Key immediate resistances are pegged at ₹360, ₹370 and ₹380 levels. A conclusive breakthrough of ₹380 is required to take the stock higher to ₹390 and ₹410 in the medium term. Investors with a medium-term perspective should desist trading in this stock at this juncture.
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