Close up of waving flag with Tata Group logo, United States
Tata Steel stock is trading at ₹149.53, reflecting a 0.71% decline from the previous session. The stock opened at ₹151.89, reached a high of ₹152.19, and touched a low of ₹147.79, indicating volatile market activity. Let’s dive deeper into the daily chart’s price action and key technical levels.
Tata Steel’s daily chart shows a clear consolidation pattern as the price hovers near the ₹149.50 level. A strong support zone is established at ₹145.97, which has been tested multiple times in the last few months. The resistance levels of ₹155.70 and ₹168.32 loom above, marking critical barriers that bulls need to surpass for a strong upside.
Interestingly, Tata Steel stock significantly fell from its June highs of around ₹184, showing a steep downward correction. Currently, the stock is struggling to maintain momentum above ₹150, which is a psychological price level. Traders may see this as a battleground between buyers and sellers.
Investors are now eyeing the ₹145.97 support level closely. A decisive break below this could open the door for further downside. On the upside, if Tata Steel manages to hold above ₹150, it could make another attempt to breach the ₹155.70 resistance level in the coming sessions.
Due to Tata Steel’s volatility and sensitivity to macroeconomic factors, the stock is expected to experience continued price swings. Participants in Tata Steel stock trading expect potential breakouts or breakdowns.
This post was last modified on Sep 19, 2024, 12:43 BST 12:43