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Tata Steel outshone the other pivotals last week with an 11 per cent gain. The stock has also closed at a record high for the week.

Last week’s move indicates that the stock could have launched the third leg of the move from the March low. This count gives us the targets of Rs 735 in the near term and Rs 836 in the medium term.

Traders and short term investors can hold the stock with a stop at Rs 621. Position traders can hold the stock with a deeper stop at Rs 580. A close below the 50 DMA at Rs 507 is required to signal a long term trend reversal.

Lokeshwarri S. K.

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