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The short-term outlook for the stock of Tata Coffee is bullish. The stock surged over 4 per cent on Thursday and closed on a strong note. The rally has taken the stock well above a key resistance level of ₹225 which will act as a strong resistance-turned-support. Below that ₹220-₹219 is the next important support. The chances are high for the stock to sustain above ₹225 itself.
A rise to ₹250 can be seen over the next two-three weeks. Short-term traders can buy Tata Coffee now. Accumulate on dips at ₹226. Keep the stop-loss at ₹218. Trail the stop-loss up to ₹235 as soon as the stock moves up to ₹242. Move the stop-loss further up to ₹243 when the stock touches ₹246 on the upside. Book profits at ₹248.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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