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Tata Steel (₹265.1)
Last week, the stock of Tata Steel plummeted 6.8 per cent, decisively breaking its key immediate support at ₹280 levels. The stock is in a downtrend across all-time frames — long, medium and short term. It trades well below its 50- and 200-day moving averages. The relative strength indices in the daily and weekly chart feature in the bearish zone, implying that the stock’s downtrend is getting strengthened. Further, other indicators also point to a negative trend, backing the downtrend. Traders can make use of any rally in the stock to initiate fresh short position, while maintaining stop-loss at ₹275 levels. The short-term targets are ₹255 and ₹250 levels. Subsequent supports are at ₹240 and ₹230. On the other hand, the stock needs to conclusively move above ₹300 to show some initial signs of bullishness. Immediate significant resistances are placed at ₹280, ₹300 and ₹320 levels.
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