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Tata Steel Technical Analysis suggests that this stock trade in a channel and this channel is descending i.e. the stock is in a downtrend. It is trading near its short term support and risk-reward looks favorable compared to the potential upside. However, you cannot decide just based on the price action strategy.
The divergence analysis suggests that downward move may continue and as an investor, I will prefer to wait for the BULLISH divergence. The Fibonacci analysis also suggests that stock may move towards the extended Fibonacci level of 1.272. The 61.8% Fibonacci Levels acted as a strong resistance for the stock.
On the multibagger pattern, the stock has shown fake breakout and retraced from the point of intersection of 20 and 200 EMA. The price candle and volume analysis suggest the speculative activity in the recent past. The delivery % of Tata Steel is normally low. There is NO correlation between Tata steel and NIFTY. Also, option chain also suggests bearish view.
The metal sector is currently not performing and is in a bearish trend. All the stocks have delivered negative returns over the last 1 month and 1 year time frame. The reversal is possible when some stocks return in the metal sector become positive.
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