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Lokeshwarri S.K.

The action in Tata Steel is getting narrower as the stock charts a contracting triangle on the daily chart. Since this is a continuation pattern, we can expect the stock to move lower to Rs 562 or Rs 550 in the short-term. A close beyond Rs 630 should be obtained to reverse this outlook.

The medium term continues to be positive. The stock has already retraced 33 per cent of the up-move recorded since the March trough. Investors can hold the stock with a stop at Rs 550. Short sellers should watch out for a bounce from this level.

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