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Last week, the stock of Tata Steel failed to break its crucial resistance level of ₹380 and tumbled 5 per cent. Having said that, the key support at around ₹350 is now providing base for the stock. It seems a bit early to conclude that the stock is on a reversal as it continues to trade below the 21- and 50-day moving averages. The vital resistance level of ₹380 needs to be breached emphatically to assert that the stock has reversed direction. So, investors with a short to medium-term perspective should be cautious in the coming week. A slide below ₹350 will reinforce the bearish momentum and pull it down to ₹330 and then to ₹310 levels in the medium term.Likewise, if the stock fails to breach the ₹380 level, it will continue to move sideways between ₹350 and ₹380. Important resistance beyond ₹380 are pegged at ₹390 and ₹410
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