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Investors with a short-term perspective can buy the stock of Tata Coffee at current levels. Since recording a 52-week low at ₹47 in late March this year, the stock has been in an intermediate-term uptrend. Short-term uptrend is also up for the stock.
On Wednesday, the stock jumped 7.5 per cent with above average volume breaking above a key long-term resistance at ₹110. Moreover, this rally has strengthened the intermediate-term uptrend. The stock trades well above its 50- and 200-day moving averages. Both the daily as well as the weekly relative strength indices are featuring in the bullish zone backing the uptrend. Further, the daily and the weekly price rate of change indicators are hovering in the positive terrain implying buying interest. There has been an increase in daily volume over the past four weeks.
Overall, the short-term outlook is bullish for the stock of Tata Coffee. It can continue to trend upwards and hit the price targets of ₹120.5 and ₹123 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹113 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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