The Tata Steel rally came in the midst of a strong benefit in the Nifty Metal Index, which increased 1.1% intraday and widely increased the market. The index increased global steel futures signs of re -recovery in China’s production output and improvement in demand for western economies, bullish sentiment.
Shares of Tata Steel increased by 6.5% in the past week and increased by 2.4% in the last month. The stock has gained 7.7% in the last three months and 20.6% in the last six months. However, in the past one year, the stock is down 5.3%.
Global signals lift metals
The benefits of Tata Steel and other metal counters returned to global steel and iron ore prices, operated by China’s revised factory data.
Living events
China’s factory activity returned to expansion in June, both official PMI and Kaxin PMI data showed the highest output reading since November 2024. In reply, the September Iron Or Agreement on China’s Dalian Commodity Exchange increased 1.69% to 722.5 yuan (.8 100.81) a metric ton. Benchmark August Gust Iron Or Agreement on the Singapore Exchange was up 1.82% from 0806 GMT to .994.9.
There was also a steel benchmark rally on the Shanghai Futures Exchange. The rabber increased by 2.61%, hot-rolled coils increased by 2.24%, wire rods increased 1.03%, and stainless steel added 1.08%.
Other Indian metal stocks participated in the rally. Among the top beneficiaries, Welspan Corp increased by 6.6%, the National Aluminum Company (NALCO) increased by 8%, Hindalco 0.79%, and Vedanta increased by 0.77%.
Tata Steel’s technical view strong
The technical indicators of Tata Steel reflect the speed of the boom within the deadline. Stock is currently trading over its eight major moving average, 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMA, showing bullish undertones in a short-term long-term chart.
The relevant strength index for Tata Steel (RSI) is 60.7, which shows a neutral-to-positive velocity, within a typical range, indicates a level of more than 30 signal oversold conditions and more than 70.
Meanwhile, the moving average convergence diversion (MACD) is at 1.3 and strengthens the ongoing bullish trend of stock, above both the center and the signal line.
Also read | Tata Steel received Rs. The reason for the input tax credit of 1000 crores is shown
(Connection: The recommendations, suggestions, opinions and opinions provided by experts have their own. This does not represent opinions of economic time)
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