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Tata Steel Ltd rose 2.62 per cent to Rs 628.8, its highest since May 17, and technicals suggest further upside.
The company had on Tuesday concluded the acquisition of 51 pct equity stake in Creative Port Development Pvt Ltd.
The stock broke above a resistance at Rs 624.5, the 23.6 per cent Fibonacci projection level of the uptrend from February 12, 2016 low to January 31, 2018 high. The breakout suggests that the stock may now move up to the next resistance at Rs 705.85, the 38.2 per cent projection level.
The stock's wave pattern suggests that it is in wave 1 of a five-wave uptrend. Trend Intensity indicator jumped to 18, suggesting that the prices are trending upwards. MACD is positive and above its signal line.
Tata Steel stock had gained 5.62 per cent in the last one month as of Tuesday's close, while the broader NSE Index was down 1.67 per cent in the same period.
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