Tata Steel rises to over 2-year high; technicals signal more upside

Last Updated: Wed, Jan 11, 2017 12:12 hrs
Steel Plant

Shares of steel maker Tata Steel Ltd rise as much as 4.35 pct to 450.7 rupees, their highest since Dec 2014.

Stock has cleared a resistance at 435 rupees, the 61.8 pct Fibonacci retracement level of the fall from Jun. 9, 2014 high of 579.9 rupees to Sep. 29, 2015 low of 199.7 rupees.

Price volume trend (PVT) indicator at record high; a positive sign.

Trend Intensity indicator (TI) rises to 16 from Tuesday's 14, indicating a new uptrend.

MACD is positive and above its signal line, another positive for the stock.

Stock up 10.4 pct this year as of Tuesday's close, compared with a 1.26 pct gain in the NSE index.

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