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Though Tata Steel moved higher, it could not emulate SBI's performance in moving towards its previous all-time high last week. Since the intermediate term trend in the stock is up after it reversed from Rs 399, investors can hold the stock as long as it trades above Rs 530.

Traders can hold the stock with a higher stop at Rs 558. If the stock stays above this level, it can move higher to Rs 623 and then to Rs 650 over the short term.

The medium-term target for the stock is Rs 679. This target can be achieved if it manages to sustain above Rs 530.

Lokeshwarri S. K.

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