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Investors with a short-term perspective can consider buying the shares of Tata Chemicals at current levels. On Monday, the stock moved up 2.6 per cent, thus surging over 6 per cent in the last two trading days.
The 200-day moving average support at ₹416.7 has held well for the second consecutive time and the stock has reversed higher after testing this support last week. Also, Monday’s rally has breached a key short-term trend line resistance at ₹442.
The stock has also recorded a decisive close above this level which will now act as a good support. It can now test the next resistances at ₹455 and ₹460 in the upcoming sessions.
Short-term traders can go long. Stop-loss can be kept at ₹439 for a target of ₹455.
This bullish outlook will get negated if the stock records a strong close below ₹440. Such a break can drag the stock lower to ₹435 and even to ₹430.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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