Nandish Shah
Tata Global Beverage reversed northwards after forming a double bottom around Rs 250 levels to close at two months high on Monday. The stock price has also given a bullish breakout by closing above the downward sloping trendline, adjoining the highs of January 15, 2018 and April 9, 2018.
The stock price is trading above its 20, 50, 100 and 200-SMA, which indicates a bullish setup for the medium to long-term charts. The momentum indicators and oscillators are also showing strength in the stock.
FMCG as a sector is doing well. Therefore, we recommend buying Tata Global at CMP of Rs 280 for the upside target of Rs 300 and keep a stop loss below Rs 268.
Disclaimer: The author is Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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