Tata Steel shares are hovering around their all-time high, hitting Rs 147.35 on February 7, 2024. Despite closing slightly lower at Rs 145.50 last Friday, marking a marginal dip of 0.24%, the metal stock continues to demonstrate strong performance.
In 2024, the stock of Tata Steel Ltd. produced returns in the single digits. The BSE metal index increased by 1.42%, or 384.73 points, this year, while the Tata Group shares increased by 4%. Close to their all-time high of Rs 147.35, reached on February 7, 2024, are Tata Steel shares currently traded. On Friday, the metal stock ended the day at Rs 145.50, down 0.24%.
In contrast to the previous closing on the BSE of Rs 145.85, the Tata Steel stock began higher at Rs 146.90. The stock reached an intraday high of Rs 147.10 during the session. The company’s market capitalization was Rs 1.81 lakh billion. 19.46 lakh shares in total changed hands on the BSE, translating into a turnover of Rs 28.44 crore.
In three years, Tata Steel shares have increased 99%, and in five years, they have increased 190%. The stock may rise by thirty percent in a year.
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Tata Steel stock exhibits a one-year beta of 0.5, indicating relatively low volatility over the past year. From a technical standpoint, the relative strength index (RSI) for Tata Steel is currently at 64.5, suggesting that it’s neither overbought nor oversold. Moreover, Tata Steel shares are trading above various key moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages, indicating a sustained uptrend in the stock price.
The Tata Steel stock has a price target of Rs 150 set by Axis Securities.
According to a report by Axis Securities, the Netherlands operations are anticipated to see a positive EBITDA/t (earnings before interest, taxes, depreciation, and amortization per ton) and achieve a net cash flow positive status starting from the next fiscal year. This positive outlook is attributed to the near completion of the BF6 relining, with production set to commence shortly. Meanwhile, in the UK, the company plans to gradually reduce fixed costs by shutting down one of the ‘end-of-life blast furnaces’ by mid-CY24 and another by the end of CY24. The company aims to halve its expected losses compared to FY24.
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, expressed a bullish sentiment towards Tata Steel shares, emphasizing the importance of defending the 50-day Simple Moving Average (SMA) support level at Rs 135. Bagkar highlighted that a breakout above the recent peak of Rs 147.40 could potentially drive the stock price towards the range of Rs 175-185. Until this breakout occurs, Bagkar suggests accumulating the stock within the range of Rs 140-135.
Riyank Arora, Technical Analyst at Mehta Equities, noted that Tata Steel is currently hovering near a crucial resistance level of Rs 147.50 on the daily charts. Despite this, the overall trend remains positive, supported by the stock trading above significant moving averages and steadily approaching the resistance barrier. Arora highlighted a key support level at Rs 134, emphasizing that breaching this level would weaken the stock’s momentum. He suggested that any upward movement beyond Rs 147 could propel the rally towards Rs 153 and Rs 160, eventually targeting a range of Rs 200-225. Arora maintained a bullish outlook on the stock, advocating for a strict stop loss set at Rs 134 on a daily closing basis.
According to Abhijeet from Tips2Trades, the Tata Steel stock price is currently exhibiting a sideways to bearish trend on the Daily charts, encountering significant resistance at the level of 148. Should the stock experience a daily close below the support level of Rs 141, it could potentially target Rs 128 in the near term. Conversely, if the stock manages to surpass the Rs 148 resistance, the next hurdle would be at Rs 155.
