Steel stocks were trading positive in today's session with Tata Steel and JSW Steel showing bullish signs on technical charts. Tata Steel declined before the selling started in Indian equities but has held ground during the current sell-off. Tata Steel was trading at Rs 140 in today's session and we can expect a bullish breakout in this counter if the markets remain positive (or even neutral). TopNews Team has reviewed the steel counters to suggest technical levels for traders and short term investors. Tata Steel is looking the strongest among these three companies with SAIL also taking support from 52-week lows and currently trading at Rs 108.

Price Action and Fibonacci Levels Analysis

Tata Steel
Tata Steel's price action shows a recent high of Rs 140.94 and a low of Rs 135.81, indicating a narrow range of movement. The Fibonacci retracement levels suggest key areas of support and resistance.

Immediate Support: The 0% Fibonacci level at Rs 135.81 is a strong support zone. If the price holds above this level, an upward move is possible.
Resistance Levels: The 50% level at Rs 138.38 and 61.8% level at Rs 138.98 are crucial barriers. A break above these levels can lead to a retest of the high at Rs 140.94.
Trend Bias: Given the sideways movement, a break above Rs 140.94 could trigger a bullish move, while a fall below Rs 135.81 could invite selling pressure.
JSW Steel
JSW Steel has been trading in a broader range, with a high of Rs 978.10 and a low of Rs 959.95. The price action suggests consolidation before a potential breakout.

Key Support: The 0% Fibonacci level at Rs 959.95 is a critical support area. A sustained hold above this level could attract buying interest.
Upside Potential: The 38.2% level at Rs 967.18 and 50% level at Rs 969.03 are short-term resistance zones. A breakout above Rs 978.10 may push the stock toward its 52-week high of Rs 1,063.00.
Market Outlook: The stock is showing resilience, and a decisive move above Rs 978.10 could indicate further upside momentum.
SAIL (Steel Authority of India Limited)
SAIL has been showing moderate price movements, with a high of Rs 108.80 and a low of Rs 104.06, indicating consolidation within this range.

Support Zone: The 0% Fibonacci level at Rs 104.06 serves as a solid base. If this level holds, buyers may step in to push the stock higher.
Resistance Points: The 50% retracement at Rs 106.43 and 61.8% at Rs 107.36 could act as resistance. A strong breakout above Rs 108.80 may trigger further upside movement.
Overall Trend: SAIL is trading near key support levels, and a rebound from Rs 104.06 could provide a buying opportunity. However, a drop below this level might trigger further weakness.

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