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The article provides a snapshot of Tata Steel's share price performance on October 8th, 2023, at 12:00 PM. It reports a decline of 3.1% in Tata Steel's share price, closing at ₹159.2, while the Sensex is up 0.46% at ₹81423.41. The stock has fluctuated throughout the day, reaching a high of ₹163.1 and a low of ₹156.7.
From a technical perspective, the article analyzes the stock's movement relative to its Simple Moving Averages (SMAs). It notes that Tata Steel is currently trading above the 20, 50, and 300-day SMAs but below the 5, 10, and 100-day SMAs. This suggests a potential short-term bearish trend, with support levels at the lower SMAs and resistance levels at the higher SMAs. The article also presents pivot level analysis, indicating key resistance and support levels for the stock.
The article further delves into the fundamental analysis of Tata Steel, highlighting a negative return on equity (ROE) of -4.55%. Despite this, the median 1-year forecasted upside for the share is 4.27%, with a target price of ₹166.00. The article also examines the company's shareholding structure, revealing a promoter holding of 33.19%, mutual fund (MF) holding of 10.88%, and foreign institutional investor (FII) holding of 19.68%. This data shows a decrease in MF holding from 11.20% in March to 10.88% in June and an increase in FII holding from 19.61% to 19.68% over the same period.
Overall, the article suggests a cautious outlook for Tata Steel's share price in the near term, with technical analysis indicating a potential bearish trend. However, it emphasizes the need for confirmation before considering short positions. While the fundamental analysis points to a negative ROE, the forecasted upside and shareholding structure suggest potential for growth in the future.
Source: Tata Steel share are down by -3.1%, Nifty up by 0.69%