Tata Steel is finding support at its 100-week moving average, currently at ₹364. Decline below ₹364 will signal a bearish short-term outlook and traders can initiate short position with a stop-loss at ₹375. The stock can target ₹340 on the downside. But if the stock manages to sustain above the 100-week moving average support, it can remain in the ₹364-₹390 range for a few weeks. Immediate resistance is at ₹390. A strong break of this resistance is required for the short-term outlook to turn positive. Important resistances above ₹390 are at ₹405 and ₹425.
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