The decline continues today
Most steel stocks are seeing a fall on Tuesday as well. At one o’clock in the afternoon, Tata Steel’s stock was down 0.71 percent at Rs 1016.35, Jindal Steel and Power Ltd.’s share was down 1.02% at Rs 391.50 and Godavari Power and Ispat was trading 6.75% down at Rs 290.65. Was. SAIL and JSW Steel shares are trading almost flat.
Vikas Jain, Technical Research Analyst at Reliance Securities, said steel stocks are likely to remain sluggish for a long time. Medium term indicators are showing negative signals. The metal sector across the globe is under pressure and there is no good news on the domestic front either. The metal index is trading at its lowest level in several months. He says that the price of JSW Steel has fallen by 30 per cent in the last one month. Now it may fall further by 5-7 percent. Similarly, the share of Tata Steel can go up to the level of Rs 940-960. SAIL’s stock has fallen 50 per cent from its all-time high. Its 55-month average is close to Rs 70 and will act as a strong support. It is expected to make a comeback from the lower part of the range.
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