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Tata Steel (₹228.5)
Tata Steel reversed higher from an important channel support last week. It has been moving inside a bear channel since July last year. The stock fell to a low of ₹200 — the channel support level and bounced back from there to close 3.7 per cent lower for the week. The stock can rise further to test its 21-day moving average resistance at ₹242 this week. A strong break above this resistance will take the stock higher to ₹252 and ₹265. It will ease the downside pressure. In such a scenario, the stock is likely to extend its rally and test ₹300 — the upper end of the channel. The price action in the stock over the coming session is going to be very crucial which could decide its next trend. Traders can wait on the sidelines until there is a a clear indication on the next leg of move.
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