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Technical Observations

The stock has generated a breakout above a falling channel containing last three months decline signalling resumption of up move and offers fresh entry opportunity

We expect the stock to continue with its positive momentum and head towards | 202 levels in the coming weeks being the 123.6% external retracement of the previous decline (| 192-146) placed around | 202 levels

The stock has recently rebounded forming higher base at the rising 52 weeks EMA (currently at | 151) and the recent trendline breakout area joining previous major highs since April 2019

It has almost completely retraced its 10 weeks decline (| 192 to 146) in just five weeks. A faster retracement in less than half the time interval signals a robust price structure

The weekly 14 periods RSI has recently generated a buy signal moving above its nine periods average thus validates positive bias

Buy The Tinplate Company of India Limited @ 181.00-186.00 TGT 202.00 SL 176.00

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