{"id":3884,"date":"2013-11-19T11:19:25","date_gmt":"2013-11-19T05:49:25","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=3884"},"modified":"2019-06-06T19:39:38","modified_gmt":"2019-06-06T14:09:38","slug":"tata-steel-a-follow-up","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/tata-steel-a-follow-up\/3884","title":{"rendered":"Tata Steel: A Follow-Up"},"content":{"rendered":"<p style=\"text-align: justify;\">We have been positive on <a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/tata-steel-a-long-term-buying-opportunity\/3314\">Tata Steel <\/a>and the stock has hit our earlier target of Rs.350-360. The company announced its quarterly earnings last week which was better than street-expectations. Tata Steel is also a beneficiary of the Rupee depreciation as it makes cost of imported steel costly. Besides, there also seems to be some traction in its European operations and <a href=\"http:\/\/www.livemint.com\/Companies\/RXiZV1W1uuZOZs7sBNChaO\/Stronger-profitability-seen-for-Tata-Steel-on-new-UK-plant.html\">this report<\/a>\u00a0referred to in <em>Mint <\/em>would not be out of context.<em>\u00a0<\/em><\/p>\n<p style=\"text-align: justify;\">Turning to the technical analysis perspective, we expect the stock to head to the immediate resistance at Rs.420-425. As highlighted in daily chart, the stock has edged above the middle-line of the blue set of lines. \u00a0This is a positive signal and we expect the stock to move to the upper blue line at Rs.420-425.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/Tisco-Daily.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3886\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/Tisco-Daily.png\" alt=\"Tisco Daily\" width=\"1340\" height=\"588\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/Tisco-Daily.png 1340w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/Tisco-Daily-300x131.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/Tisco-Daily-1024x449.png 1024w\" sizes=\"(max-width: 1340px) 100vw, 1340px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">From a long-term perspective, we expect the stock to hit the major target at Rs.500. Kindly direct your attention to the updated monthly chart featured below. It is evident that the stock price has bounced off the key confluence area highlighted in the <a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/tata-steel-a-long-term-buying-opportunity\/3314\">earlier update.<\/a>\u00a0The next logical\u00a0\u00a0destination based on the chart is the upper parallel of the red fork at Rs.500-520 range.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/tisco-monthly.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3887\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/tisco-monthly.png\" alt=\"tisco monthly\" width=\"1335\" height=\"599\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/tisco-monthly.png 1335w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/tisco-monthly-300x134.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/11\/tisco-monthly-1024x459.png 1024w\" sizes=\"(max-width: 1335px) 100vw, 1335px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The positive view on Tata Steel would be under threat if the share price falls below the major support at Rs.307. From a trading perspective, we do not the stock to slide below the swing low at Rs.331. This may be a logical place to have the stop loss for someone who missed our earlier post and is wanting to buy the stock now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have been positive on Tata Steel and the stock has hit our earlier target of Rs.350-360. The company announced its quarterly earnings last week which was better than street-expectations. Tata Steel is also a beneficiary of the Rupee depreciation as it makes cost of imported steel costly. Besides, there also seems to be some [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[89,115],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tata Steel: A Follow-Up<\/title>\n<meta name=\"description\" content=\"Tata Steel has hit our earlier target. We maintain the positive view and upgraded our target.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundsindia.com\/blog\/equities\/tata-steel-a-follow-up\/3884\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tata Steel: A Follow-Up\" \/>\n<meta property=\"og:description\" content=\"Tata Steel has hit our earlier target. 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