The Tata Chemicals' stock has shown an impressive performance. The stock has been forming higher bottoms which have been accompanied by higher volumes. The stock had bottomed out Rs 53 in the last week of April. From this level, it rallied up to Rs 79 by May-end.Subsequently, two higher bottoms at Rs 59 and Rs 63 have been formed. The daily moving average has entered into a positive phase and the position of oscillators like RSI and MACD is also impressive.
Long positions can be taken at current levels with a stop-loss at Rs 74. For very short-term trading, the stop-loss can be placed at Rs 76. For medium-term traders, the stop-loss should be kept at Rs 63.
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