Tata Steel Looks Optimistic For Long-Run
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.”
He further added, “Tata steel in specific, I would say that it looks quite weak and it can even move further down. Of course, maybe the long-term trend in Tata Steel is still bullish but there could be some more downside in this stock going forward. Today’s breakdown is pretty much significant.”
Formerly called Tata Iron & Steel Company Limited, the Tata Steel is one of the leading Indian steel makers. Its prime activities include manufacturing and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services.
The group functions through three segments: Steel, Ferro Alloys and Minerals and Others. It also provides Tubes, Bearings, Refractories, Pigments, Port operations, Municipal services and investment activities.