Comments
The stock of Tata Chemicals gained 4.5 per cent accompanied by above average volume on Wednesday, surpassing a key near-term resistance at ₹285. This rally has strengthened the short-term uptrend that has been in place since recording a 52-week low at ₹197 in late March this year. While trending up, the stock had conclusively breached a key resistance at ₹240 in early April and continued to trend upwards. Moreover, the stock had recently breached its 200-day moving average and trades well above it. It hovers above 50-DMA as well.
The daily relative strength index features in the bullish zone and the weekly RSI is charting upwards in the neutral region. Also, the daily price rate of change indicator is hovering in the positive territory implying buying interest.
With the reinforcement of the short-term uptrend, the stock has the potential to trend upwards in the upcoming trading sessions. Short-term targets are ₹303 and ₹308. Traders with a short-term perspective can buy the stock at current levels with a fixed stop-loss at ₹284 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.