India's largest steel company, Tata Steel hopes early recovery of normalcy in steel market, the worst hit segment due to decline in auto sales and customer spending, under the impact of global slowdown and recession like conditions across the world.

According to technical analyst, Rajat K Bose Tata Steel is the best stock to reap gains in the long-run. The stock will burst after 9-10 months, so it’s better to hold the stock to make higher profits.

Bose told, “The base metals or steel are looking very weak. I was checking the LME base metals charts, alluminium, teen, copper, zinc, they are all looking pretty bad. Some of them have actually gone below 200-day; alluminium has done that recently and has given a sell signal.”

Today, Tata Steel is hovering near 606, down Rs 35.2, or 5.49% in morning trades.

Shares of India's top private steel maker, Tata Steel had recovered from an early 3.3% decrease and was down just 0.71% to Rs 647.90 at 15:01 IST after it signed up an agreement with Australian firm Riversdale to get hold of a 35% stake in its Mozambique coal project.

On Bombay Stock Exchange, 5.11 lakh shares of the scrip were traded on the counter today. In the last three months, the average daily volume of the scrip stood at 8.98 lakh shares.