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Tata Steel (₹454.6)
Tata Steel extended its upmove last week and closed 1.8 per cent higher. Key support is inbetween ₹440 and ₹435. The downside is expected to be limited to this support zone in the short term, as any intermediate dips may find fresh buying interest around ₹440-₹435. As such, the overall bullish outlook is intact. Tata Steel is likely to test its crucial resistance around ₹480. Whether the stock breaks above ₹480 or reverses lower from there will be key in deciding the next direction of move. A strong break above ₹480 can take the stock higher to ₹490 and ₹500. Further break above ₹500 will open the doors for the next targets of ₹540 and ₹550. But a reversal from ₹480 can trigger a pull-back move to ₹450 or ₹440. Medium-term investors can hold the long positions with a revised stop-loss at ₹360. Move the stop-loss higher to ₹390 as soon as the stock moves up to ₹480. Investors with lesser risk appetite may consider booking partial profits around ₹450 if Tata Steel reverses lower from ₹480.
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