The long term outlook for Tata Global Beverages (Rs 313.75) remains positive as long as the stock rules above Rs 258. However, In the short term, it may come under pressure.
The stock finds immediate resistance at Rs 321 and a close above that level could trigger a fresh rally in the stock. Tata Global finds immediate support at Rs 298 and the next one at Rs 272. We expect a correction in the stock before it pursues a fresh rally.
However, profit potentials are high if Tata Global slips sharply in this series itself. A close below Rs 299.85, will turn the position positive.
We advice traders to exit the position if the loss mounts to Rs 5,800 or at a profit of Rs 8,000.
Follow up: Stop loss would have triggered on Glenmark positions