Technical Call: Tata Steel- BUY

Investors with a one-year time frame can buy Tata Steel (₹120.30) at current levels. The outlook is bullish. The recent upmove that had begun in April this year indicates that the overall uptrend that has been in place since April 2020 is intact. It marks the beginning of a new leg of rally within that uptrend. Cluster of supports are poised in the broad ₹115-105 zone. The region around ₹105 is a strong resistance-turned-support. This support has held very well and has limited the downside recently. So, as long as the stock stays above ₹105, the trend will remain up. Tata Steel share price can surge to ₹150-155 over the next one year. Buy Tata Steel at current levels. Accumulate on dips at ₹116 and ₹112. Keep a stop-loss at ₹98. Trail the stop-loss up to ₹125 when the price moves up to ₹133. Move the stop-loss further up to ₹138 when the share price of Tata Steel reaches ₹144. Exit the long positions at ₹150. The region between ₹150 and ₹155 is a strong long-term trend resistance that can halt the rally. The chances are high for the prices to reverse lower again from there. So, investors have to book profit at the level mentioned above rather than becoming greedy at that time for more profit.