Indian markets are currently setting record highs on record. On the basis of IT, metal and oil & gas stocks, Indian markets are seen achieving new heights every day. Nifty’s top gainers Tata Steel Investors have become rich with the returns given this year in the returns of Rs.
Tata Steel has gained 122% so far this year. Analyst believes that this stock may see further upside. So far this year, the stock has gained 122 per cent, while the Nifty Metal Index has gained 75 per cent and Nifty 24 per cent in the same period.
Market consolidation possible in near term, buy on downside: Globe Capital
The uptrend in this stock so far has raised concerns that this stock has been overbought, now a correction may come in it. In the last two trading sessions, this stock has also closed in the red mark.
Stocks like Tata Steel are getting strong support due to economic recovery and rise in global steel prices. TATA STEEL’s results in the first quarter were better than expected. The company came in profit of about 9 thousand 800 crores against the loss of more than 4.5 thousand crores. The company’s earnings showed a jump of more than double. The margins were also as expected. Brokerage is also bullish on this stock and CLSA has raised the target to Rs 1,750.
Why Bharti Airtel, Vodafone Idea stocks are rising
What is the investment strategy now
Marwadi Shares and Finance Of jitesh ranawat (Jitesh Ranawat) says that the total debt of Tata Steel has also decreased by 28 percent according to the figures till March 2021. The company has paid its debt before the stipulated time. It is expected that Tata BSL may also merge with the company further. Apart from this, the company can further accelerate the capex program in its Kalinganagar project, which can further increase the company’s production capacity.
Steel prices will now act as a key trigger for this stock. Market veterans believe that in case of any major fall, this stock should be bought. Jitesh Ranawat says that investors who are investing from the perspective of at least 6 months should work on the strategy of buying on the decline in this stock. If the steel prices maintain this momentum, then this stock can see another 20 per cent rise in the next 6 months.
JPMorgan also bought this stock overweight Giving rating, a target of Rs 1,810 has been given for this. There itself, UBS While maintaining its buy rating, has increased its target from Rs 1,400 to 1,800.
For social media updates please contact us on Facebook (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.