Produced by: Aseem Thapliyal
Shares of Tata Steel ended near their record high for the second straight session on Tuesday. The metal stock ended 0.95% higher at Rs 164.65 on BSE. Market cap of Tata Steel stood at Rs 2.05 lakh crore.
Tata Steel shares rose 1.47% to a record high of Rs 165.50 in early deals on Tuesday. The stock also touched a record high of Rs 163.90 on April 1, 2024.
In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 68.4, signaling it's trading neither in the overbought nor in the oversold zone. The stock stands higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Shreyansh V.Shah, Research Analyst, StoxBox said, "With the hiving of its UK plants, Tata Steel is strategically focusing on its domestic operations where they are seeing more visibility in their topline growth. We feel the company can easily achieve the target of Rs 173."
Abhijeet from Tips2Trades said, "Tata Steel stock price looks bullish on the daily charts with strong support at Rs 156. A daily close above the resistance of Rs 167 could lead to a target of Rs 181 in the near term."
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, " It has been trading above the important 50EMA moving average zone and with near-term support maintained near Rs 146 levels, we anticipate the stock to rally towards its next higher targets of Rs 184 and Rs 195 levels, respectively."
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