Tata Steel Ltd. is recommended by several market experts and analysts at brokerage firms as its share price has continuously increased for the past few days. On Wednesday, September 25, 2024, when the market opened at 9:30 am, the stock was trading at the price of Rs 152, showing a growth of around Rs 1 per stock to its previous close of Rs 151.74. In the past few days, this stock became one of the most exchanged stocks on the BSE and NSE. Meanwhile, market analysts have been closely monitoring the stock’s performance given the volatile nature of the steel industry. Traders often seek resistance and support level details before investing in any particular stock. The same is also happening with Tata Steel Ltd, therefore, we have suggested some levels of resistance and support for Tata Steel Ltd. Keep reading this article for more details. Drag down the page.
Current Market Performance Of Tata Steel Shares
The latest reports from the market suggested that the price of Tata Steel shares is currently at Rs 153.63, indicating a modest increase of 1.25 percent. Speaking about the trading range of Tata Steel shares, this stock has maintained a secure daily range with a minimum trading price of Rs 150 and a maximum trading price of Rs 155.40, in the past few days. The traders are inquisitive to capitalize on the volatility of Tata Steel Ltd. and are now deliberation if they should enter the market when the stock already has gone from Rs 151.72 to Rs 152.
- Current Price: Rs 153.63
- Previous Close: Rs 151.74
- Day’s Low: Rs 150.00
- Day’s High: Rs 155.40
- Market Capitalization: Rs 191,784.50 Cr
- PE Ratio: 54.79
- Dividend Yield: 2.35 percent
- 52-Week High: Rs 184.60
- 52-Week Low: Rs 114.60
P/E Ration hints at the potential overvaluation of the stock. If the P/E Ratio is high then there is a possibility that the stock has been overvalued in recent times. In this situation, the trader can expect a significant drop in the share price of that particular stock.
- Steel Market Dynamics: The global steel market has been volatile due to changing economic conditions and demand patterns. The company’s performance is entirely dependent on these trends. Therefore, the investors should remain updated on international steel prices and trade policies.
- Financial Performance: The company accumulated operating revenue of Rs 224,452 Cr in a year which was 5 percent lower than the previous year’s operational revenue. This decline raises concerns about profitability and operational efficiency moving forward.
- Technical Analysis: Tata Steel’s share is trading below its 50-day moving average (DMA), a critical technical factor, that hinted at further downward pressure.
- Volume Trends: Trading volumes have been significant with more than 46 million shares have been exchanged as of the trading day, showing strong interest from the investors.
- Debt Concerns: Tata Steel’s debt-to-equity ratio is 56 percent, which is higher than other prominent players in the industry. This aspect can fragile investor confidence as it the financially unstable during economic downturns.
The key metrics like resistance and support levels are very critical when we trade in a new stock. The traders who are willing to invest in it, first navigate the stock’s movements and set important support and resistance levels to minimize the loss risk.
- 1st Support Level: Rs 149.15
- 2nd Support Level: Rs 147.69
- 1st Resistance Level: Rs 152.52
- 2nd Resistance Level: Rs 154.43
The support and resistance levels help the traders determine the stock’s trajectory for the short term. Stay tuned to this website for more details and further updates.
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