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This stock moved down in the initial part of last week and achieved our first downward target of Rs 776. But a three-wave move was completed at the intra-week low of Rs 765 and the stock is currently rebounding from here. Tata Steel faces immediate resistance from Rs 910. A reversal from here will make the stock move lower to Rs 783 or Rs 700.

In other words, the medium-term outlook stays negative until the stock closes above Rs 910.

Traders can short the stock if it fails to surpass this level next week.

Investors can hold the stock as long as it sustains above Rs 720.

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