Tata Steel shares hit record high; here are fresh price targets

Tata Steel shares rose nearly 3% to hit a record high early deals on Monday. Tata Steel stock zoomed 2.75% to Rs 160.20 on BSE. Tata Steel stock opened higher at Rs 156.85 against the previous close of Rs 155.90 on BSE. Market cap of the firm rose to Rs 1.99 lakh crore. Total 14.14 lakh shares changed hands amounting to a turnover of Rs 22.47 crore on BSE. The stock was among the top gainers on Sensex today.

Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox believes that the stock is likely to hit Rs 185 level.

“The prevailing bias in the shares of Tata Steel suggests a bullish stance as long as the 50-SMA support of Rs 135 is defended. The breakout over the recent peak of Rs 147.40 could lead to visit of Rs 175-185 levels. Until that happens, one can accumulate the stock in the range of Rs 140 -135 zone,” said Bagkar.

Tata Steel stock has a one-year beta of 0.9, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 61.6, signaling it's trading neither in the overbought nor in the oversold zone.

Tata Steel shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Tata Steel shares have rallied 53.21% in a year and risen 21.64% in two years.

Brokerage JP Morgan has revised its target price on the Tata Group stock to Rs 170 from Rs 150. It has also maintained its overweight call on the metal stock.

Axis Securities has assigned a buy call to the stock with a target price in the range of Rs 167 to Rs 177. Stop loss can be fixed at Rs 143, the brokerage said.