Tata Sponge Iron Limited (TSIL) is engaged in the production of sponge iron by direct reduction method of iron ore and generation of power from waste heat. The Company operates through two segments: manufacture of sponge iron and generation of power. The Company manufactures sponge iron by Tisco Direct Reduction (TDR) technology. The Company operates over two power plants with a combined generation capacity of approximately 30 megawatts that generate power from waste heat. The Company has its manufacturing facility at Bilaipada in Joda Block of Keonjhar District in Orissa.

SHORT TERM PERSPECTIVE

Company TATASPONGE
Recommendation Buy
CMP Rs. 927
Stop Loss (SL) Rs. 870
Target Price Rs. 1020/1050
Time Horizon 2-4 Weeks

On the technical front, stock has given a range breakout above 900 mark, earlier stock was trading in a range (780-900) from last couple of months. Intermediate and short term trend is up in this stock, Increasing in volume at current juncture  also indicating that stock can move higher from current level.

As of now stock is trading above all major moving averages and all oscillators  indicating  in a favour of bulls, so one can initiate a buy position at current levels with a stop loss of 870(closing basis) and respected target seems 1020-1050. Time frame should be 2-4 week.


DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

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