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Tata Steel Share Gained 6.45% after Jefferies Downgrade. What’s Ahead ?

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 TATASTEEL:

On Thursday 13 Jan 2021 Tatasteel Ltd. stock rallied 6.45% gaining Rs.73.95 per share and finally closed near to day’s high at 1221.15. Dalal Street reacted opposite to Jafferies report which downgraded the steel sector. Market just told foreign broker to calm down.

On the daily chart, we can see that TATASTEEL has formed a falling channel pattern and today stock broke the channel resistance line. If we look at the candlestick pattern, a bullish Marubuzu candle is formed which is considered to be a very bullish pattern. Volume confirmed the breakout happened today.

Inside the channel pattern we can observe the ascending triangle pattern formation and breakout is seen today. RSI indicator suggest positive momentum in the stock as RSI is heading towards 70 Level.

As stock is gaining momentum, Volume supports breakout, Indicators supporting the stock & today stock closed above 200 & 50 EMA hence we recommend short term traders to enter the stock at current level around 1220 and accumulate on correction till 1180. Keep stop loss below today’s low at 1150. Expected targets on the upside are 1425- 1470 in the next few trading sessions.

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