Tata Steel too underwent a mild correction in the beginning of the week but it recovered thereafter to end on a flat note.
Momentum indicators in the daily charts are indicating weakness. Short-term resistance for the stock is at Rs 276.
A downward reversal from this level can pull the stock lower to Rs 234 or Rs 212.
Move above Rs 276 will take the stock higher to Rs 297 and then to Rs 341 where the 200-day moving average is poised.
Traders can hold their longs with a stop at Rs 232.
The medium term trend in the stock is up but a sideways move between Rs 240 and Rs 300 is possible for a few more sessions before it breaks out higher to our medium term target of Rs 335 and Rs 360.
— Lokeshwarri SK
Tisco has jumped quite a bit during the last month and is now ripe for correction. Adopt a buy on dips strategy and try to acquire and hold at Rs.225-240 levels for a target price of Rs.400 in a years time.