Technical Positional Pick - Buy Tata Chemicals Ltd For Target Rs. 1000 - HDFC Securities
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Technical Positional Pick - Buy Tata Chemicals Ltd For Target Rs. 1000 - HDFC Securities
TECHNICAL OBSERVATIONS
* Tata Chemicals is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.
* After consolidating in a range between the 670-796 levels for the last few weeks, the stock has broken out of this range last week on the back of above average volumes. In the process, the stock has also closed at a new life high.
* Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Tata Chemicals Ltd Up to 1-3 Months @ Buying Range 829-838.30 CMP 838.30 TGT 1000 SL 750
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