Tata Consumer Products’ share price is gearing up for a fresh rally going forward. The price action since mid-October last year indicates an inverted head and shoulder pattern formation on the charts. This is a bullish reversal pattern. Moving average cross-overs on the daily chart also strengthens the bullish case. Immediate support is at ₹958 which has been limiting the downside all through this week. Below that, ₹945 is the next strong support. Tata Consumer Products’ share price can rise to ₹1,030-₹1,050 in the coming weeks. Traders can go long now at ₹983. Accumulate on dip at ₹965. Keep the stop-loss at ₹943. Trail the stop-loss up to ₹995 as soon as the stock goes up to ₹1,005. Revise the stop-loss further up to ₹1,010 when the price touches ₹1,020. Exit the long positions at ₹1,035.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)