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The short-term rally that started on February 14 came to an end on the Budget day. Though, the stock price rose in the early part of last week it could not squeeze past our resistance level of Rs 486 and Tata Steel ended with a 3 per cent loss.

The stock can move lower in the short term towards Rs 422 and then Rs 388. The June low of Rs 376 is a possible medium term target for this stock.

Abstain from trading in Tata Steel till the stock price crosses above Rs 490 convincingly.

Lokeshwarri S. K.

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