Thesis
Tata Steel is testing a major resistance zone around ₹169 after consolidating in a wide range (115–170) for nearly 2 years. A decisive breakout here would mark the completion of a multi-year rounding base, opening the path to higher levels.
Technical Setup
Fundamental Context
Disclaimer
For educational purposes only. Not investment advice.
Tata Steel is testing a major resistance zone around ₹169 after consolidating in a wide range (115–170) for nearly 2 years. A decisive breakout here would mark the completion of a multi-year rounding base, opening the path to higher levels.
Technical Setup
- Structure: Multi-year consolidation / rounding base since mid-2023
- Breakout Level: ₹169 (tested repeatedly)
- Primary Target: ₹185–190 (nearest supply zone)
- Extended Target: ₹210–215 (measured move of base depth)
- RSI: ~63, rising but not overbought
- Volume: Needs strong confirmation to validate breakout
- Invalidation: Breakdown below ₹160
Fundamental Context
- Recent quarters show earnings recovery from cost control and safeguard duties.
- Valuations elevated (P/E ~46–51×), margins thin, leverage moderate.
- Interpretation: Fundamentals are mixed, but cyclical tailwinds and government protection provide near-term support.
Disclaimer
For educational purposes only. Not investment advice.
Trade attivo
Primary Target: ₹185–190 (nearest supply zone) reached.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.