Tata Steel top Nifty50 gainer as Jefferies positive on metal sector amid China easing Covid restrictions

Tata Steel Share Price: Shares of Tata Steel zoomed 4 per cent on Monday, January 2, as global brokerage firm Jefferies turned positive on the metal sector amid easing Covid-19 restrictions in China. Tata Steel was also the top Nifty50 gainer, up by Rs 5 each to quote Rs 117 at 10:30 AM. 

Jefferies has tagged Hold rating on the counter as it sees more than 50 per cent gain per share from the previous target of Rs 95. It has revised the target to Rs 150 target on the Tata Group company.

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Zee Business panelists Kunal Saraogi and Rakesh Bansal recommended buying Tata Steel shares. They said that the counter has given a fresh breakout on chart. 

From trading perspective, Kunal said that the momentum and chart structure indicate that Tata Steel will achieve Rs 122/123 apiece soon. 

Bansal suggested viewers to buy Tata Steel for targets of Rs 122/125 and maintain a strict stop loss at Rs 112.70.

Metal stocks are in focus for the past one week amid China easing Covid restrictions. At 10:30 AM, while Nifty Metal was up nearly 2 per cent, S&P BSE Metal gained more than 2 per cent.

Hindalco Industries 

Jefferies is also bullish on Hindalco as it has tagged Hold and revised target to Rs 600 from Rs 390. Hindalco Industries’ shares quoted Rs 481 apiece, up by 1.62 per cent on NSE.

Zee Business panelist Ashish Kelkar has recommended buying Hindalco shares. He said that metal stocks are seeing a rally and have crossed the resistance. He added that Hindalco has formed a trend reversal pattern on chart. 

On JSW Steel, Jefferies, however, has maintained Underperform rating but raised the target to Rs 470 from Rs 385.JSW Steel quoted Rs 772 apiece on NSE, up by nearly 1 per cent at 10:30 AM.

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