Tata Steel Share Price: A Bullish Trend with Promising Potential šš°
Tata Steel Limited, a part of the prestigious Tata Group, is currently witnessing a remarkable surge in its share price. Numerous investment advisors are optimistic about the future of Tata Steel shares, with some experts predicting a possible increase of ā¹150 in the coming days. Let’s delve into the recent market trends and analyze the reasons behind this bullish momentum. š
1. Wednesday’s Trading Session: Tata Steel’s share experienced a decline of 4.21% during Wednesday’s trading session. The share closed at ā¹129.70, showing a significant drop from the previous day’s closing price of ā¹135.40 on the BSE index. Similarly, on the NSE index, Tata Steel traded at ā¹128.85, marking a decline of 4.84%.
2. Recent Price Movements: On December 22, 2023, Tata Steel’s share price exhibited a positive momentum, closing at ā¹133.75 with a gain of 2.10%. However, it is essential to note that on December 26, 2022, the share reached its 52-week low at ā¹101.60, while on December 18, 2023, it touched a high of ā¹137.65, representing a significant increase.
3. Pressure on Tata Steel: Among the 30 shares listed on the BSE index, Tata Steel Limited witnessed the most significant sell-off on Wednesday. The share’s closing price of ā¹129.70 depicted a decline of 4.21% compared to the previous closing price of ā¹135.40.
4. Expert Recommendations: Leading brokerage firm, Jefferies, has advised investors to consider investing in Tata Steel shares. Experts suggest a target price of ā¹160, indicating a potential upside. Moreover, they recommend buying the stock and holding it until it reaches the initial target of ā¹145.
5. Global Steel Market: The global steel prices have witnessed a decline of 22% between March and October 2023. However, within just two months, there has been an 8% surge in steel prices. Jefferies believes that the positive signals in Tata Steel’s asset improvement and the company’s growing market share in the steel industry contribute to the optimistic outlook.
The current bullish trajectory of Tata Steel shares is a clear indication of the company’s strong performance and positive market sentiment. Investors are advised to consider entering a position around ā¹135.40 and hold the stock until it reaches the first target of ā¹145. With promising growth prospects and positive market indicators, Tata Steel is presenting a lucrative opportunity for investors. šš¼
(Note: All figures and prices mentioned above are as of December 23, 2023)
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
