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Published on 6/07/2021 11:17:43 AM | Source: ICICI Direct

Stock Picks - Buy Tata Chemicals Ltd For Target Rs. 830 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Tata Chemicals Ltd #Chemicals Sector #Trading Report #ICICI Direct

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Technical Observations

* The share price of Tata Chemical logged a resolute breakout from three months falling channel on the back of rising volumes, indicating conclusion of corrective bias that in turn suggest resumption of primary up trend. Thereby offering fresh entry opportunity

* Key point to highlight is that, since September 2020 stock has managed to hold the 50 days moving average, highlighting elevated buying demand. In the current scenario as well stock formed a higher base above 50 days EMA, indicating inherent strength

* We expect the stock to head towards |830 levels in the coming weeks as it is 138.2% external retracement of early May decline (| 797-670) coincided with all-time high of |834

* Among the oscillators the daily RSI pointing upward meanwhile MACD logged a fresh bullish crossover while sustaining above zero line, indicating acceleration of upward momentum

Buy Tata Chemicals Ltd @ 750.00-765.00 TGT 830.00 SL 717.00

 

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