Tata Steel shares in an uptrend, Rs 200 price target likely?

Tata Steel share price today: Shares of Tata Steel are in a short-term rally, adding over 8% in a week. The one-week gain exceeds the 6% movement in the Tata Group stock in the last three months. The metal stock has traded in the green in terms of both short term and long term moving averages. 

However, the stock has seen high volatility in the last one year with a beta of 1.3. Tata Steel stock hit a record high of Rs 170.20 reached on September 30, 2024. 

Analysts are mostly bullish on the outlook of the stock.

Osho Krishan, Sr. Research Analyst - Equity and Derivatives at Angel Broking said, The one week gain indicates a strong potential for continued price growth. From a technical perspective, the indicators suggest a supportive environment for further increases. Specifically, the price range of Rs 162 to Rs 158 is anticipated to provide a buffer against any potential fluctuations in the near term, while the stock appears capable of reclaiming its prior peak of Rs 177 in the upcoming period."

Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portolio said, "Tata Steel has given a breakout of the symmetric triangle pattern on the daily timeframe, signaling the start of an uptrend. It continues to trade above all major EMA’s, which reaffirms the positive trend. Importantly, the breakout was supported by a rise in volumes, indicating strong buying interest. On the momentum front, the RSI has broken out of its falling trendline, further supporting the bullish price action. The stock is currently trading near its immediate resistance at Rs 170, and a decisive close above this level will likely open the gates for an upside move towards 190–200." 

A R Ramachandran, SEBI registered Independent analyst said, "Tata Steel stock price is bullish on the daily charts with strong support at Rs 158.4. A Daily close above resistance of Rs 169 could  lead to target of Rs 179 in the near term."