Tata Steel shares trading near record high: Price targets, support, resistance, outlook and more

Shares of Tata Steel Ltd have delivered single-digit returns in 2024. The Tata Group stock surged 4% compared to a surge of 1.42% or 384.73 pts in the BSE metal index this year. Tata Steel shares are trading near their record high of Rs 147.35 touched on February 7, 2024. The metal stock closed 0.24% lower at Rs 145.50 on Friday.

Tata Steel stock opened higher at Rs 146.90 against the previous close of Rs 145.85 on BSE. During the session, the stock hit an intraday high of Rs 147.10. Market cap of the firm stood at Rs 1.81 lakh crore. Total 19.46 lakh shares changed hands amounting to a turnover of Rs 28.44 crore on BSE. 

Tata Steel shares have rallied 99% in three years and risen 190% in five years. In a year, the stock could surge 30%.

Tata Steel stock has a one-year beta of 0.5, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 64.5, signaling it's trading neither in the overbought nor in the oversold zone. Tata Steel shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Axis Securities has assigned a price target of Rs 150 to the Tata Steel stock.

"Netherlands is expected to deliver a positive EBITDA/t and turn net cash flow positive from the next fiscal year as BF6 relining is almost complete. It will start production shortly. In the UK, fixed costs will fall in phases, as the company will shut down one of the ‘end of life BFs’ by mid-CY24 and another by the end of CY24. The company targets to pare down losses to half of what it is expected to incur in FY24, " said Axis Securities in a report.

Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said, “The prevailing bias in the shares of Tata Steel suggests a bullish stance as long as the 50-SMA support of Rs 135 is defended. The breakout over the recent peak of Rs 147.40 could lead to visit of Rs 175-185 levels. Until that happens, one can accumulate the stock in the range of Rs 140 -135 zone.”

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."

Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.