Tata Steel share price continued with positive momentum on Monday and the stock touched intraday high at Rs 153.84 by the time of publication of this report. Tata Steel has given a bullish breakout last week and we can expect further strength in the stock in case markets remain positive. Other steel companies were also witnessing buying as China has reduced production and prices of steel could remain firm in the international markets.

TopNews Team has checked recent stock performance, conduct a technical analysis focusing on candlestick patterns, Fibonacci retracement levels, and support and resistance zones. Additionally, we compare Tata Steel's position with key competitors in the sector.

Stock Performance Overview

As of the latest data:

Opening Price: ₹151.56
Day's High: ₹153.84
Day's Low: ₹151.56
Market Capitalization: ₹1.92 trillion
Price-to-Earnings (P/E) Ratio: 70.11
Dividend Yield: 2.34%
52-Week High: ₹184.60
52-Week Low: ₹122.62

Analyst Recommendations

Recent analyst insights include:

Jefferies & Co.: Upgraded the target price to ₹180 from ₹165, maintaining a 'Hold' rating.
TipRanks: Reports an average 12-month price target of ₹147.29, with a high estimate of ₹190 and a low of ₹115, based on evaluations from seven analysts.

Technical Analysis

Candlestick Patterns

A review of Tata Steel's daily candlestick chart reveals:

Higher Highs and Higher Lows: Notably, on March 7, 2025, the stock reached a high of ₹151.56, following previous highs of ₹138.31 on February 7, 2025, and ₹131.66 on January 20, 2025. This pattern indicates a bullish trend.
Fibonacci Retracement Levels

Analyzing the downtrend from June 18, 2024 (₹184.60), to January 13, 2025 (₹122.62):

23.6% Retracement: ₹137.25
38.2% Retracement: ₹146.30
50% Retracement: ₹153.61
61.8% Retracement: ₹160.92
76.4% Retracement: ₹169.97
The current price is approaching the 50% retracement level at ₹153.61, suggesting a critical resistance point.

Support and Resistance Levels

Key levels identified:

Support: ₹148.04
Resistance: ₹160.00
These levels are crucial for traders to monitor potential price movements.

Competitive Landscape

In the Indian steel sector, Tata Steel faces competition from:

JSW Steel: Jefferies has revised its target price for JSW Steel to ₹920 from ₹850, maintaining a 'Hold' rating.

Hindalco Industries: Another major player in the industry, though specific recent analyst updates were not available in the provided data.

Actionable Insights

Bullish Indicators: The pattern of higher highs and higher lows, coupled with the stock trading near the 50% Fibonacci retracement level, suggests potential upward momentum.

Resistance Levels: Traders should watch for a break above the ₹153.61 resistance. Sustained trading above this could signal further gains.

Support Vigilance: Maintaining support at ₹148.04 is vital. A drop below this may indicate a trend reversal.