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It is the resistance at Rs 495 once again that reined in Tata Steel last week. This level is beginning to look ominous now. The crucial support for this stock lies at Rs 450. Fall below this level will signal the resumption of the intermediate term downtrend. The stock will then have the downward targets of Rs 427 and then Rs 387.

The 10-day ROC has moved in to the negative zone again and the 14-day RSI is at 47. Traders can go short on rallies with a stop at Rs 498. Those holding long positions can keep a stop at Rs 450.

Lokeshwarri S. K.

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