Tata Steel Share Price Trends Expected on September 9, 2024, after touching Rs 153, it can go down148.
Tata Steel Ltd., one of India’s leading steel producers, is expected to see some interesting price movements on September 9, 2024, based on recent news and market analysis. Here’s a comprehensive look at the factors influencing Tata Steel’s share price:
Main Points
Technical Analysis
Tata Steel’s stock has been trading in a range between ₹150 and ₹155 over the past few days. The stock is currently facing resistance at the ₹155 level, which is also its 52-week high. If the stock manages to break above this level, it could see further upside momentum. However, if it fails to do so, it may face selling pressure and could test the support level of ₹150.
Fundamental Analysis
Tata Steel’s fundamentals remain strong, with a market capitalization of ₹1,88,201 crore and a price-to-earnings (P/E) ratio of -45.71. The company’s return on equity (ROE) stands at 6.55%, while its return on capital employed (ROCE) is at 7.02%. These ratios indicate that the company is generating decent returns on its investments.
The steel industry has been facing challenges due to the ongoing global economic slowdown and trade tensions. However, Tata Steel has been able to maintain its market share and profitability. The company’s focus on cost optimization and product diversification has helped it navigate the challenging environment.
Analysts’ Recommendations
Most analysts have a “Hold” rating on Tata Steel’s stock, with a target price of ₹167. Some analysts believe that the stock is undervalued at the current levels and have a “Buy” rating on it.
Future Prospects
Tata Steel has set a target to increase its domestic steelmaking capacity to 30 million tonnes per annum (MnTPA) by 2025. The company is also focusing on expanding its presence in the value-added steel segment, which could help it improve its margins and profitability in the long run.
Today’s Update
As of September 9, 2024, Tata Steel’s stock is trading at ₹152.15, up 0.33% from its previous close. The stock has seen some buying interest in early trade, with volumes picking up. However, it remains to be seen whether the stock can sustain these gains and break above the resistance level of ₹155.
Important Levels
- Support: ₹150
- Resistance: ₹155
- 52-week high: ₹185
- 52-week low: ₹114
Factors Causing Movement
Tata Steel’s share price movement on September 9, 2024, is likely to be influenced by global cues, such as the performance of the US stock markets and the outcome of the ongoing trade negotiations between the US and China. Domestic factors, such as the performance of the Indian economy and the steel industry, will also play a role in determining the stock’s direction.
Investors Stay Updated
Investors should keep a close eye on Tata Steel’s stock performance and stay updated on the latest developments in the company and the steel industry. They should also consider their risk appetite and investment horizon before taking any investment decisions.
