After hitting all-time high, the stock has fallen sharply with a big bearish engulfing candle. Volumes were also substantially high. It means a short-term correction is on cards and traders can go short on it. But the long-term uptrend remains intact. Wait for the fresh buying to start before entering on the long-side.
Prices trending in the declining channel. MACD and RSI are on a downward trend. PSAR is also about to reverse in favour of bears. NSE:TATASTEEL Looks weak below today's closing price. Safe-traders can short below today's low of 671. SL as per your risk-appetite :)