Tata Steel, Jindal Steel and Jindal Steel top gainers on their radar

Dalal Street shares settled lower on Tuesday, in line with global peers. The BSE Sensex lost 40.14 points, or 0.07 per cent, to settle at 57,613. Nifty 50 fell by 34 points, or 0.20 per cent, to 16,951. The 70 level was the day's highest for the day.

Metal stocks emerged as the worst performer among sectoral indexes, with stocks such as Tata Steel, JSW Steel and Jindal Steel and Power on traders' radar. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has said on these stocks ahead of Wednesday's trading session:

Tata Steel has seen a breakdown of the Head and Shoulders pattern. The counter is facing resistance at the 200 DMA of Rs 105 level. It is trading below its key moving averages, which shows that the structure is weak. The RSI momentum indicator is trading below the 50 mark with a negative bias. MACD is witnessing a centerline crossover on the downside. The level of 105 will be an immediate hurdle on the upside. The level of Rs 100 is a strong psychological support level for Tata Steel.

It broke below its neckline support in the last trading session. The stock is trading below its key moving averages, which is a negative sign. On the downside, the level of Rs 640 is critical, below which one can expect a fall towards the Rs 610 level. The level of 680 is immediately susceptible to being an area of concern on the upside.

Jindal Steel Power| Resistance: Rs 580 | Support: Rs 500 -- 480

Jindal Steel Power saw a strong rally from June 2022 to January 2023. It moved from Rs 300 to Rs 600 levels and saw a Head and Shoulders pattern on the daily chart with huge volumes. The cluster of moving averages at around Rs 580 is acting as a resistance. The psychological support level for the stock is Rs 500. One can expect a Rs 480 level in the near term, which is also its 200 SMA.