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Tata Steel (₹369.3)
Last week, the stock of Tata Steel plunged 5 per cent with good volume, breaking through the lower boundary of the sideways movement at ₹380. With this fall, the stock appears to have resumed its medium-term downtrend. The stock trades well below its 50- and 200-day moving averages. Short-term trend is also down now. The indicators and oscillators in the daily chart have entered the bearish zone, while those in the weekly chart continue to feature in the bearish zone. Traders with a short-term view can sell the stock on rallies with a stop-loss at ₹380. Further downtrend can pull the stock down to ₹360 and then to ₹340-350 in the short term. On the other hand, a strong rally above ₹380 will bring the stock back into the sideways consolidation phase between ₹380 and ₹420. Key resistances are at ₹390 and ₹410.
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