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 active
Primary Target: ₹185–190 (nearest supply zone) reached.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.