On fresh uptrend, Religare bets on this metal stock for short-term; do you own?
Tata Steel have been on a fresh uptrend for the past one month seizing a peak level of ₹115.35 apiece. Shares of the Tata Group-firm have risen in the range of two-five per cent in the past one week and is looking bright for further growth in the near-term. According to Religare Broking, the metal index has been inching gradually higher, after reclaiming the major averages in June 2023.
With this, Tata Steel is also seeing recovery in sync with the trend, said the brokerage. ‘’Broadly, it has spent nearly two years in a corrective phase, after the phenomenal surge from the March 2020 low to a new record high of 144 levels, and retraced closer to the 80 mark,'' said Religare Broking on Tata Steel's stock performance. Also Read: Robust production volumes by steelmakers offers a glimpse into Q1FY24 results It has been forming a higher base for the last one year and is now set for a resumption of the uptrend, with a breakout of a declining trend line on the weekly chart, according to the brokerage.
The brokerage recommends a ‘’buy'' for Tata Steel with fresh positions in the range of ₹114-115 with a stop loss of ₹107 for a month at a target price of ₹130. On July 10, shares of Tata Steel settled 3.36 per cent higher at ₹115.35, after touching an intra day high of ₹115.70 apiece on the BSE. The steelmaker commands a market capitalisation of ₹1,40,956.64 crore.
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