Tata Coffee’s share price has been on a rally since the beginning of April. It took support at ₹200 and rebounded. The uptrend remains valid and notably, this week, it has moved above the resistance at ₹240 and 245. This has opened the door for further appreciation. Although there was a decline in price on Thursday, the overall bias remains bullish. Particularly, the price action on the daily chart shows that the stock is likely to appreciate on Friday.
So, traders can consider buying the stock of Tata Coffee for intraday at the current level of about ₹250. Add more longs in case the price dips to ₹246. Place stop-loss at ₹243. When the stock touches ₹254, tighten the stop-loss to ₹251. Book profits at ₹256.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)