As we have seen nifty rejection on 20th august from lower levels can see the metal stocks helping nifty move up as banking sector looking weak as of now.
Look for price action near the trend line and after confirmation an upside trade can be taken.
Seems to be taking support. wait for confirmation candle.
Respected the support. good bounce. Trade initiated
4%+ bounce. Cheers. Enjoy the profits
As nifty keep making highs tata steel to will contribute in the rally.
Yes Tata Steel can move up today as the selling in metal and steel stocks was overdone and a panic over reaction to fall in iron ore prices. Steel prices will remain stable as demand will be strong due to Infrastructure push from US, China and India.
@Himanshu8866, Yes that's right. $ is down today which is good for metals. Besides, China had 0 local new Covid cases yesterday. Fed taper worries are going down now and iron ore prices are stabilizing. Low iron ore prices bode well for the profitability of Tata Steel. Huge debt reduction and improving European operations will help Tata Steel stock do well in short term.
@Himanshu8866, Markets can shoot up if the Fed doesn't indicate a rapid taper in the Jackson Hole meeting this Thursday. Already Dow is at record highs on anticipation that the Fed may not taper in a big hurry. India is reporting low new Covid cases which is another positive. Huge Infra boost in USA and India will boost demand for steel. Steel stocks will rock especially Tata Steel.
@anish_nanda, I don't think this market even considering covid as an issue, otherwise correction would have happened by now. I think this market will stay in a range and let time do the job for market wide stocks to catch up. lie it did during 14300- 14800.