These two Tata group stocks at 52-week low. Right time to accumulate?
1 min read 17 Jun 2022, 09:54 AM ISTTata Steel share price today hit a new 52-week low of ₹895.50 on NSE
PremiumStock market today: Tata group stocks — Tata Communications and Tata Steel are trading close to its 52-week lows. Tata Steel share price today hit a new 52-week low of ₹895.50 on NSE whereas Tata Communications share price today is quoting ₹872 apiece levels, close to its 52-week low of ₹856.25 levels. According to stock market experts, Tata Steel share price is range-bound and 'buy on dips' strategy should be maintained by long term positional investors while Tata Communications share is in 'downtrend' and one should avoid fresh position in the scrip as it may further go down from current levels.
Speaking on Tata Steel share price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, "Tata Steel shares are range-bound these days and it has strong support at ₹865 to ₹855 levels. Buy on dips is recommended for positional investors as the stock lost heavily after the Government of India (GoI) imposed excise duty on steel exports. Now, the market has discounted that downside trigger and buying interest in the stock is expected at lower levels."
However, Anuj Gupta of IIFL Securities said that Tata Communications share are in 'downtrend' and the trend is expected to further continue. "Buyers are advised to wait as Tata Communications share price may test ₹800 to ₹790 levels."
On fundamentals of Tata Communications shares, Ravi Singh, Vice President & Head of Research at Share India Securities said, "Tata Communication has posted weak set of numbers with lower EBITDA, higher D&A and taxes. The revenue growth was good but higher operating expenses led to a lower EBITDA. The stock is trading under low volume and may undergo consolidation at current levels with a bearish bias."
So, if we go by experts' views, one can start accumulating Tata Steel shares from current levels maintaining 'buy on dips' strategy whereas fresh position in Tata Communication is not advisable at current levels as the stock is in bear trend and may further continue to consolidate up to ₹800 to ₹790 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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