Tata Steel Share Price
As of today, September 24, 2024, Tata Steel shares are showing strong performance. The stock opened at ₹154.55 and closed at ₹159 on the previous trading day. Today, Tata Steel is trading at ₹159 as of 11:11 AM, marking a 3.28% rise from the previous close. The stock has hit an intraday high of ₹159.5 and a low of ₹154.55. Meanwhile, the Sensex is trading at ₹84,952.09, up by 0.03%.
Tata Steel Share Price: Technical Analysis
On the technical front, Tata Steel is currently trading above its 5, 10, 20, 50, and 300-day simple moving averages (SMA), indicating a bullish trend. However, it remains below its 100-day SMA, which could act as a resistance level. Key support levels are at ₹153.06, ₹152.14, and ₹151.47, while resistance levels stand at ₹154.65, ₹155.32, and ₹156.24.
The stock’s volume traded on NSE and BSE is up by 264.08% compared to the previous session, signaling increased interest from traders. A higher volume along with positive price movement suggests a sustainable uptrend, whereas higher volume with declining prices could indicate a potential dip in the near future.
Fundamental Analysis
From a fundamental perspective, Tata Steel has a return on equity (ROE) of -4.55%, indicating room for improvement. The 1-year median forecast shows a potential upside of 3.48%, with a target price of ₹164.54.
Promoter holding stands at 33.19%, while mutual funds (MFs) and foreign institutional investors (FIIs) hold 10.88% and 19.68% of the company’s shares, respectively. Notably, MF holdings have decreased slightly from 11.20% in March to 10.88% in June, while FII holdings have increased from 19.61% to 19.68% over the same period.
Market Overview
Tata Steel’s price rise of 3.28% aligns with the upward trend seen across its peer group. Meanwhile, benchmark indices Nifty and Sensex are also slightly up, by 0.04% and 0.03% respectively.
Tata Steel’s performance today highlights investor confidence, supported by technical indicators and strong market interest.
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