The stock of Tata Steel was choppy and closed on a flat note. In the short term, it remains in a sideways consolidation phase in a broad range between Rs.200 and Rs.255.
The daily and weekly price rate of change indicators feature in the positive territory, implying buying interest. An emphatic rally above the immediate key resistance level of Rs.235 can push the stock higher to Rs.255 in the coming week.
Traders can buy the stock above Rs.235, with a fixed stop-loss for the target of Rs.255. Both intermediate and medium-term trends are down for the stock. Since May high of Rs.384, the stock has been in a medium-term downtrend.
To alter this downtrend, the stock needs to conclusively move past Rs.300. Key resistances above Rs.255 are pegged at Rs.265 and Rs.285. Conversely, inability to surpass Rs.235 can drag the stock down to Rs.215 and Rs.200.
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