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Tata Steel (₹374.7)
The stock of Tata Steel advanced 2 per cent in the previous week, extending its near-term up move. The relative strength index in the daily chart has entered the neutral region from the bearish zone. Other indicators in the daily chart are showing mixed signals. The stock now tests resistance at the level of ₹380. Its 21- and 50-day moving averages are at ₹380 and ₹390 respectively. A conclusive rally above these levels will pave the way for the stock to rally. In the short to medium-term, the stock can move to ₹410 and then to ₹420. Traders with a short and medium-term perspective should therefore tread with caution as long as the stock trades below the ₹390 level. The failure to rally beyond the key immediate resistances can drag the stock to ₹350 or even to ₹340 in the short term.
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