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Tata Steel (₹220.1)
The stock of Tata Steel failed to gain bullish momentum and started to decline. After its Q2 results, the stock plunged, breaking a key support at ₹230 and closed the week with 10 per cent loss. This decline has mitigated the short-term uptrend. The relative strength index on the daily and weekly charts is in the bearish zone. The stock trades well below its 50- and 200-DMA. It has resumed its intermediate as well as medium-term downtrend and is once again heading down to test the key support level of ₹200. Traders with a short-term outlook can consider selling the stock on rallies while maintaining a stop-loss at ₹230. The medium-term trend for the stock has been down from its May high of ₹384. An emphatic breakthrough of the significant support at ₹200 can reinforce the downtrend and drag the stock down to ₹185 and ₹165 levels. Key resistances are placed at ₹230, ₹250 and ₹265.
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