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Tata Steel fell over 3 per cent intra-week but managed to recover thereafter and close 1 per cent lower for the week. On the chart, last week’s candle reflects indecisiveness. Immediate resistance is at ₹709. A break above it can take the stock higher to ₹724. But if Tata Steel fails to break above ₹709 and declines below ₹700, it can fall to ₹690 and ₹685 again. A break below ₹685 can take it to ₹680 — the 55-day moving average. Inability to bounce from this support and an eventual break below it can increase the downside pressure. Also, the possibility of the stock falling to ₹660 will increase on the back of profit booking. However, such a fall can be a good buying opportunity. The region between ₹650 and ₹630 is a strong support zone, which is likely to limit the downside and keep the overall uptrend intact. Investors can hold the long positions and accumulate on dips at ₹660. Retain the stop-loss at ₹630.
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