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Tata Steel made a surprise move upward last week. The mid-week rally took it towards the short-term resistance at Rs 630. The stock is poised at a critical short-term trend deciding level. A reversal from here can pull the stock down to Rs 579 or even Rs 546. But a rally past Rs 635 will take the stock to Rs 662 and then towards its all-time high of Rs 679.

As we keep reiterating, the medium term is positive since the stock has completed 33 per cent of the up-move recorded since the March trough. Traders can initiate fresh longs above Rs 635 with a stop at Rs 597.

Lokeshwarri S. K.

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