Tata Steel corrects on profit taking

Tata Steel shed 0.48% to Rs 623.70 as the counter witnessed some bit of profit taking.

The stock had gained 2.86% in the past three sessions to end at Rs 626.70 yesterday, from its recent closing low of Rs 609.25 recorded on 9 December 2020.

In the past one month, the stock has gained 26.92% while the benchmark S&P BSE Sensex has added 5.59% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 80.396. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50-day, 100-day and 200-day daily simple moving average placed at 478.57, 438.98 and 373.05, respectively. These levels will act as crucial support zones in near term.

Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.

The company reported 49.58% decline in consolidated net profit to Rs 1,665.07 crore on 7.4% increase in net sales to Rs 36,475.66 crore in Q2 FY21 over Q2 FY20.

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