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Technical Observations

* Nifty Metal index after the recent strong outperformance during November 2020 to July 2021 is seen consolidating and forming a higher base in the last two months. We expect the breather in the metal stocks is approaching maturity and it provides fresh entry opportunity

* The share price of Tata Steel is witnessing buying demand after a forming a higher base around 100 days EMA and the previous breakout area as can be seen in the adjacent chart, thus offers fresh entry opportunity

* We expect the stock to resume its primary up trend and head higher towards | 1415 levels as it is the 61.8% retracement of the entire last two months breather (1534- 1233)

* The daily stochastic is in up trend and is seen sustaining above the neutral reading of 50 thus supports the positive bias in the stock

Buy Tata Steel Ltd @ 1290.00-1310.00 TGT 1415 SL 1238

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