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It was a volatile week for Tata Steel. It initially went higher to Rs 585 and then plummeted to Rs 535.

Since the stock has been unable to overcome the resistance at Rs 573, it is a sign that investors need to tread cautiously as the move from the March low can turn out to be the B wave of a long term correction.

Investors can hold the stock with a tight stop at Rs 515. Fall below Rs 515 can take the stock towards Rs 487. Aggressive traders can short the stock in rallies with a stop at Rs 575.

Lokeshwarri S. K.

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