Tata Steel shares are close to their peak of Rs 147.35 reached on February 7, 2024, but closed slightly lower at Rs 145.50 on Friday, down by 0.24%.
Tata Steel Ltd shares have posted single-digit returns in 2024, with a 4% increase compared to the 1.42% surge (384.73 points) in the BSE metal index. Near their record high of Rs 147.35 on February 7, 2024, Tata Steel shares closed slightly lower at Rs 145.50 on Friday, down 0.24%
Tata Steel shares commenced trading at Rs 146.90, up from the previous close of Rs 145.85 on the BSE. Within the session, the stock reached an intraday peak of Rs 147.10, with the company's market capitalization at Rs 1.81 lakh crore. Trading volume totaled 19.46 lakh shares, generating a turnover of Rs 28.44 crore on the BSE.
Over the past three years, Tata Steel shares have surged by 99%, and over five years, they have seen a remarkable increase of 190%. Analysts predict a potential 30% surge in the stock's value within a year.
With a one-year beta of 0.5, Tata Steel stock demonstrates low volatility. From a technical perspective, the relative strength index (RSI) for Tata Steel stands at 64.5, indicating that it is currently neither overbought nor oversold. Furthermore, 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 averages.
Axis Securities has set a price target of Rs 150 for Tata Steel stock.
According to a report by Axis Securities, "Netherlands is anticipated to achieve a positive EBITDA/t and become net cash flow positive starting from the next fiscal year as BF6 relining nears completion, with production expected to commence shortly. In the UK, fixed costs will gradually decrease as the company plans to decommission one 'end of life BF' by mid-CY24 and another by the end of CY24. The company aims to halve its losses compared to FY24 expectations."
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, commented, "The current bias in Tata Steel shares indicates a bullish outlook, provided the 50-SMA support at Rs 135 remains intact. A breakout above the recent peak of Rs 147.40 could drive the stock towards the Rs 175-185 levels. Until then, investors can consider accumulating the stock within the Rs 140 -135 range."
Riyank Arora, Technical Analyst at Mehta Equities said, "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."
Abhijeet from Tips2Trades said, "Tata Steel stock price is sideways to bearish on the Daily charts with strong resistance at 148. A daily close below support of Rs 141 could lead to a target of Rs 128 in the near term. Above Rs 148, next resistance will be at Rs 155."
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