Tata steel has formed new channel. It moves in channel for many days(see the first MMC) which can be used by trades to make decent money in each downtrend. The second MMC (Money making channel) is not having big channel distance (its INR 30-40) but enough to make money.
Enter only above 390 for target of 420. It should break the 387-390 with strong volume for the target of 415-420. There are also chances that we may see reversal. So be ready to ride the tide in either way.
Once stocks falls in hands of trader. it needs lot of push to break the pattern. Ujaas is such example. People/traders used to buy at around 43 and sell at around 49. As many people started doing it. It formed another resistance at around 46. So some who got it at 50 (e.g. Myself) would avoided it if looked the chart to enter either around 43 or best if it breaks 52.
Looks like a nice cup and handle is in formation. Today almost it touched its upper range of support (138) and close nicely at 141. RSI and slow stochastic are near mid which does not indicate any trend so keep watch for few days to confirm the handle formation.