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Tata Steel fell another 4.3 per cent with heavy volumes the week ago, extending it downtrend. The daily indicators and oscillators are featuring in the bearish zone. However, the stock now tests a key support at ₹300. An upward reversal for this support could result in a corrective rally. But a decisive downside break of this support will strengthen the stock’s primary downtrend and drag it down to ₹288 initially and then to ₹270 in the short to medium term. In such a case, traders with a short-term perspective can initiate fresh short positions with a stop-loss at ₹310. Conversely, a strong rally above the immediate resistance at ₹315 and the next at ₹330 will have bullish implication. Subsequent resistances after ₹330 are at ₹340 and ₹350.
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