ICICI Securities has a buy call on Tata Steel and Jindal Steel. It has a hold call on JSW Steel and SAIL.
Axis Securities said that Canara Bank is in a strong multi-timeframe uptrend, marked by a consistent higher-high, higher-low structure and it has decisively broken to a new 52-week high.
In three sessions, the stock has added nearly 7 per cent to its value and is now hovering shy of its 52-week peak of Rs 145.90.
SAIL: Nuvama said there an adverse supply outlook for flat steel, weak margin visibility and an impending capex-led rise in leverage that could further strain returns.
For the next trading session on Tuesday, LKP Securities' Technical Analyst, Vatsal Bhuva, has given short-term trading recommendations on three stocks -- FSN E-Commerce Ventures Ltd (Nykaa's parent), Bharat Heavy Electricals Ltd (BHEL) and Steel Authority of India Ltd (SAIL).
JSW Steel, InCred said, trades at an unjustifiable 4 times FY26F book value, far exceeding any reasonable metric for a cyclical business.
JM Financial has 'Buy' rating on Tata Steel with a target of Rs 185. It also has 'Buy' on JSW Steel (target price: Rs 1,280) and Jindal Steel (target price: Rs 1,200) and 'Sell on SAIL (target price: Rs 94).
An analyst from Axis Securities said that SAIL is on the verge of a 'rounding bottom' formation breakout at Rs 130 levels with the current price movement and rising volumes.
Tata Steel gained 1.04 per cent to Rs 140.63. SAIL added 1.25 per cent to Rs 117.44. JSPL advanced 0.92 per cent to Rs 914.70. JSW Steel edged 0.37 per cent higher to Rs 1,037.80.
Tata Steel has settled higher in eight of last 10 Aprils. The stock delivered an average return of 7 per cent in past 10 Aprils. SAIL and Apollo Tubes also closed higher in eight of past 10 Aprils.
Domestic stock investors were looking for safeguard duty on steel, as Vietnam, South Korea, Europe and the US have already imposed or increased tariff barriers against steel imports in the past few weeks.
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