Buy Tata Sponge Iron, target Rs 1,054: Sameet Chavan

Sameet Chavan of Angel Broking has a buy call on Tata Sponge Iron with a target price of Rs 1,054.

The current market price of Tata Sponge Iron is Rs 980.20.

Time period given by the analyst is one month when Tata Sponge Iron price can reach defined target.

Sameet Chavan recommended to keep a stop loss at Rs 947.

"Since last three months, this stock has been consolidating in a narrow range. During this consolidation, there were various attempts to surpass the 980 mark and every such attempt got sold into. Now finally, the stock managed to surpass this hurdle convincingly along with sizable volumes. Thus, we expect this optimism to continue in days to come," he said in a report.

Tata Sponge Iron, incorporated in the year 1982, is a Small Cap company (having a market cap of Rs 1509.51 Crore) operating in Iron and Steel sector.