Tata Chemicals: Uptrend likely to continue

Deepak Singh Tanwar

Tata Chemicals' stock has done exceedingly well in the recent past. The stock has posted a higher bottom. First bottom was formed at Rs 75 and the second bottom was established at Rs 78. The change in trend has been finally confirmed by the fact that the stock has crossed its immediate top of Rs 97which was a major resistance for the stock. With crossing this resistance, the stock has entered into medium term bull phase, and the level of Rs 97 becomes a strong support level. The recent rally has been supported by huge jump in volumes.

The next resistance for the stock is somewhere near Rs 122, which leaves enough room for further appreciation. Long position can be take at the current level. Stop loss should be kept at Rs 97.

Top

Printer-friendly page