Based on the provided chart of Tata Steel Ltd (NSE) - 2h timeframe, let's analyze the stock from both a technical and fundamental perspective.
Technical Analysis:
Support & Resistance Levels:
Support Levels: ₹132.50, ₹128.90
Resistance Levels: ₹139.50, ₹152.10
Fibonacci Retracement Levels:
The 0.5 level (~₹139.50) is acting as resistance.
The 0.618 level (~₹146.00) is another key resistance.
The 0.786 level (~₹152.10) is the major long-term resistance.
RSI Indicator:
The RSI is around 61.63, indicating moderate bullish momentum.
If RSI crosses 70, it would suggest overbought conditions.
Volume Analysis:
Volume is moderate, indicating stable buying interest.
A breakout above ₹139.50 with high volume can confirm further upside.
Short-Term & Long-Term Targets:
Timeframe Target 1 Target 2 Stop Loss
Short Term (1-2 weeks) ₹139.50 ₹146.00 ₹132.50
Long Term (1-3 months) ₹146.00 ₹152.10 ₹128.90
Fundamental Analysis:
Sector & Market Trend:
Tata Steel is a part of the cyclical metal sector, which is currently influenced by global commodity prices.
Recent steel price hikes and demand recovery can support price movement.
Company Performance:
Strong domestic steel demand in India.
Global steel prices remain volatile, impacting export margins.
Debt reduction and operational efficiencies have improved the outlook.
Risk Factors:
Global recession fears could impact demand.
Regulatory changes or commodity price fluctuations could cause volatility.
Conclusion:
Short-Term: If Tata Steel breaks ₹139.50, we could see a move towards ₹146.00.
Long-Term: If it sustains above ₹146.00, the next target is ₹152.10.
Stop-Loss: ₹132.50 for short-term and ₹128.90 for long-term to limit downside risk.
Would you like more details on specific indicators or a different timeframe analysis?
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