Tata Steel - Swing TradeNSE:TATASTEEL today looked good technically on the back of China announcing that it would restructure its steel industry to cut its total output. The latest move by China is expected to reduce the dumping of cheap steel into the Indian market, which would act as a major positive for domestic steel companies.
About:
NSE:TATASTEEL is Asia's first integrated private steel company set up in 1907. The company has a presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. The company has a target to increase domestic steelmaking capacity to 30 MnTPA by 2025.
Trade Steup:
It Made Good Short Term Base on Daily Charts and Taking Support of 50 DSMA and MACD Trending Upwards Now Looking Good for a Swing Trade.
F&O Activity:
Long Buildup Seen in Futures With 140 PE Gaining Significant OI Addition.
Target (Take Profit):
Around 158 for Positional Trader and 200 DSMA for Swing Trader
Stop Loss:
Entry Candle Low for Swing Trader and 50 DSMA for Positional Trader.
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Disclaimer: "I am not SEBI REGISTERED RESEARCH ANALYST AND INVESTMENT ADVISER."
This analysis is intended solely for informational and educational purposes only and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.
