TATA Steel - Long-term opportunity

Jul 19, 2023

Based on the Chart - after months of consolidation - Tatasteel crossed the trendline and looks like sustained the move.
Also from indicators perspective - Daily RSI > Weekly > Monthly.
Currently trading above Daily, Weekly, Monthly 20-SMA, and 50-SMA.
Also above Weekly, Monthly Pivots and above VWMA on Weekly charts.

It crossed CCI 100 on Daily and Weekly charts.

If we look at Monthly and Weekly time frames:
Comparing CNXMETAL/CNX500 with Tata steel






On Weekly Time frame :
Crossing CCI above 100 after consolidation in the past couple of months


Considering NIFTY all-time High & possible slight correction in the near time frame -- start will small quantity in TATASteel -- and 112 should be stop loss. And above 119 and 124 -- we can add more quantity.

Please spend time and do your own research before taking a decision.