SAIL Share Price: Experts give this reason for rise in PSU stock

The Steel Authority of India or SAIL share price has gone up by nearly 20 per cent in the last one week. According to the stock market experts, the metal PSU stock has been rising due to the recovery in the metal sector and rise in demand post-lockdown. They said that the SAIL shares are trading in the range of Rs 32 per stock to Rs 40 per share mark and much will depend upon the fourth quarter results.

Speaking on the SAIL shares fundamentals, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "SAIL share price has gone up by near 20 per cent in the last one week as the investors are expecting recovery in the mertal and other business business post-lockdown. The SAIL company's fourth quarter results are also awaited and if it comes in sync with the market expectations then we can expect this rally in SAIL shares to continue further."

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Giving an idea about the technicals of the SAIL stock price, Simi Bhaumik, a SEBI registered technical equity analyst said, "SAIL stocks is positive and it's trading in the range of Rs 32 to Rs 40. It has strong support at Rs 32 levels and if the fourth quarter results of the company doesn't come in sync with the market expectation, even after that I am expecting its Rs 32 support to remain maintained. However, if the results come in sync with market expectations, then its range will go from Rs 32 to Rs 45-46 per stock levels."