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Tata Steel (₹311)
Last week, the stock of Tata Steel continued its down move by tumbling 5.3 per cent. The stock now hovers just above a key support level at ₹300. Traders with a short-term perspective can book profits in their short positions and wait for further direction as the stock is testing a key support at ₹300. A conclusive break of this support will accelerate the stock’s downtrend and take it to ₹288 and then to ₹270 in the short to medium term. In such a scenario, traders with a short-term horizon can initiate fresh short positions with a stop-loss at ₹310. On the other hand, a strong rally above the immediate resistance levels of ₹330 can push the stock’s corrective rally further higher to ₹340 and ₹350. An emphatic breach of ₹350 is needed to alter the short-term downtrend.
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