Tata Steel Ltd

NSE :TATASTEEL   BSE :500470  Sector : Steel

About Company: Tata Steel Ltd is Asia’s first integrated private steel company setup in 1907. The company has presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. The company has a target to increase domestic steelmaking capacity to 30 MnTPA by 2025.

Daily Chart of TATASTEEL:

Technical Outlook of Tata Steel:

On Tuesday 8th Feb 2022 Tata Steel gained 3.09% and closed at 1219.60 on NSE. Stock price apricated by 36.60 per share. On a volatile day stock closed around intraday high. Today stock touched intraday low of 1171.50 and managed to close in positive territory. TATASTEEL today was top gaining stock in Nifty 50 Stocks Index.

On Daily Chart we can observe stock is forming ascending tringle pattern. Stock is about to cross 200 Exponential Moving average which is at 1230. Also stock is trading above 50 & 100 EMA. Relative Strength Index (RSI) also showing upward move.

Looking at the chart pattern, 200 Days EMA and RSI Indicator we recommend short term traders to enter long position above 1230 with stoploss below today low of 1171.50, Expected Targets on the upside 1245- 1260.