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Tata Steel (₹326.5)
After testing its key support at ₹350, the stock of Tata Steel extended its fall and plummeted almost 5 per cent last week. The stock is in a downtrend across intermediate, medium and short-term time frames. The indicators and oscillators in the daily and weekly chart feature in the bearish zone backing the downtrend. The stock trades well below its 50- and 200-day moving averages. Traders with a short-term outlook can initiate short position with a stop-loss at ₹336. The stock can now trend lower to ₹310 and then to ₹300 in the medium term. On the other hand, significant resistances are placed at ₹335, ₹350 and ₹360 levels. Strong rally beyond ₹380 is needed to alter the short-term bearish view. Investors with a medium-term perspective can stay on the sidelines until a clear bullish trend emerges.
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