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Published on 23/11/2020 11:11:33 AM | Source: ICICI Direct

Weekly Recommendation - Long Tata Consumer For Target Rs. 552 - ICICI Direct

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

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Weekly future recommendation

Rationale

FMCG stocks reverted sharply from lower levels after a leg of consolidation was seen in the past few weeks. As HUL, ITC and Marico have already moved higher, on the back of fresh accumulation or covering, we feel a follow-up rally could be seen in stocks like Tata Consumer that closed at a two-month high last week. Tata Consumer started with a higher OI base while there was follow up buying in the stock. For a couple of week, it consolidated near | 500 levels along with delivery based buying. We feel the stock is well placed for 8-10% upsides from here

Long Tata Consumer (TATCON) November future in the range of Rs. 508-512. Target: Rs. 552; Stop Loss: Rs. 489

 

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