Tata Steel share price continued with its positive momentum and the stock closed above Rs 150 after a long time. Tata Steel, JSW Steel, SAIL, Hindalco and Vedanta have witnessed strong rally from lower levels in the recent trading sessions. Metals index was up by nearly 2 percent in yesterday's trade. Steel stocks are also witnessing strong demand as global steel prices are expected to remain firm amid strong demand. Tata Steel opened the session at Rs 146.79 and touched an intraday high at Rs 152.20. The stock has recovered quick from recent lows.

Hindalco jumped by 3.5 percent, registering almost Rs 100 recovery from lows seen during February. Jindal Stainless shares jumped 5.8 percent while Vedanta Limited closed 3 percent higher. TopNews Team has reviewed technical levels for these stocks for short term investors and traders.

Brief Technical Levels

Hindalco

Strong Support Zone: The stock has strong support around Rs 661.85, which is the recent low. If the price falls below this level, further downside could be expected.
Immediate Resistance: The Rs 687.60 level acts as immediate resistance, which aligns with the 100% Fibonacci level. A breakout above this could lead to a rally towards the Rs 700+ zone.
Fibonacci Retracement Levels: The 50% Fibonacci level (~Rs 674.73) is a crucial pivot. If the stock sustains above this, an uptrend continuation is likely.

Tata Steel

Consolidation Phase: The stock is trading in a narrow range between Rs 146.20 (support) and Rs 152.20 (resistance), indicating consolidation before a breakout.
Breakout Potential Above Rs 152.20: A close above this level may trigger a fresh uptrend towards Rs 160, aligning with historical price movement.
Downside Risk Below Rs 146.20: If the price falls below this, we might see a correction towards Rs 140, where the 61.8% Fibonacci retracement lies.

Jindal Stainless

Recent High at Rs 656.00 is Key: If the price breaks and sustains above this, the stock could target the Rs 680-700 range based on momentum.
Strong Support at Rs 622.65: This level coincides with 0% Fibonacci support. A breakdown could push the stock towards Rs 600, making it crucial to watch.
50% Fibonacci Level (Rs 639.33) as Midpoint: The stock should hold above this for a bullish sentiment to continue. If it falls below, expect sideways movement.

Vedanta Limited

Resistance at Rs 446.85: The stock is struggling to break past this level. A breakout could lead to a rally towards Rs 460-470 in the short term.
Support at Rs 431.25: If the stock drops below this level, it may test Rs 420, where the 61.8% Fibonacci retracement lies.
Range-bound Movement: The stock is trading within a narrow range (Rs 431 - Rs 447). A breakout on either side will define the next major trend.

Fibonacci Levels