Tata Steel shares rose over 6% to hit a record high in the afternoon session on Friday. Tata Steel stock zoomed 6.45% to Rs 150 on BSE. Tata Steel stock opened higher at Rs 142.05. Market cap of the firm rose to Rs 1.86 lakh crore. Total 83.21 lakh shares changed hands amounting to a high turnover of Rs 122.58 crore on BSE. The stock was the top gainer on Sensex today.
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox believes that the stock is likely to hit Rs 185 level.
“The prevailing bias in the shares of Tata Steel suggests a bullish stance as long as the 50-SMA support of Rs 135 is defended. The breakout over the recent peak of Rs 147.40 could lead to visit of Rs 175-185 levels. Until that happens, one can accumulate the stock in the range of Rs 140 -135 zone,” said Bagkar.
Riyank Arora, Technical Analyst at Mehta Equities is bullish on the stock. He expects the stock rising towards Rs 153 and Rs 160, gradually pushing the stock towards a target price of Rs 200-225.
"The stock is trading near its crucial resistance mark of Rs 147.50 on daily charts. The overall trend is positive as the stock continues to trade above its important moving averages, slowly approaching the resistance mark. A major support lies at Rs 134, below which the stock would lose its strength. Any up move above Rs 147 should further push the rally towards Rs 153 and Rs 160, gradually pushing the stock towards a target price of Rs 200-225. The overall outlook remains bullish with a strict stop loss placed at Rs 134 on a daily closing basis," said Arora.
Aditya Gaggar, Director of Progressive Shares said, "Consolidation of over 2 years in Tata Steel comes to an end with a Rounding Bottom formation breakout which was confirmed with a long-term trendline breakout in the leading oscillator RSI. A reading of 29.84 in ADX suggests the presence of a strong trend. As per the pattern breakout, the target is Rs 193."
Abhijeet from Tips2trades said, "Tata Steel stock price looks bullish on the daily charts with strong support at Rs 140.9. A daily close above resistance of Rs 152 could lead to target of Rs 169 in the near term."
Tata Steel stock has a one-year beta of 0.6, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 51.1, signaling it's trading neither in the overbought nor in the oversold zone.
Tata Steel shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Tata Steel shares have rallied 104% in three years and risen 194% in five years.
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