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Tata Steel Ltd.

* The metal index has been inching gradually higher, after reclaiming the major averages in June 2023. And, Tata Steel is also seeing recovery in sync with the trend.

* Broadly, it has spent nearly 2 years in a corrective phase, after the phenomenal surge from the March 2020 low to a new record high of 144 levels, and retraced closer to the 80 mark.

* It has been forming a higher base for the last one year and is now set for a resumption of the uptrend, with a breakout of a declining trend line on the weekly chart. We thus recommend creating fresh longs in the mentioned zone.

Buy Tata Steel Ltd. CMP 114 ; Range 114-115; SL 107; Target 130

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