SMC Global Securities
Tata Chemicals made a 52-week low at Rs 622 on 9th October 2018 and a 52-week high of Rs. 787.50 on 4th May 2018. The 200-days Exponential Moving Average (EMA) of the stock on the daily chart is currently placed at Rs 700.53.
The stock gave a sharp correction from its all-time high of Rs 787 levels to Rs 620 in a short span of time and formed a reversal candle on the weekly charts.
Thereafter, a follow-up buying was also witnessed as the stock ended with gains of over 2 percent last week and has managed to close above 100-WEMA, which also gave a positive outlook for the stock.
Therefore, investors can buy in the range of Rs 660-665 levels for the upside target of Rs 710-720 levels and a stop loss below Rs 630.
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