Tata Coffee has target of Rs 890: Nooresh Mirani

Tata Coffee has target of Rs 890, says Nooresh Mirani, AVP Technical, AMSEC Research.

Mirani told CNBC-TV18, "Tata Coffee has generally been a momentum counter. Whenever it has moved up sharply for the first day, it has been followed by a sharp rally of 20-30% in next couple of weeks. Last time it moved up from Rs 600 to 1000 in matter of few weeks. Yesterday stock has clocked 20 lakh volumes. The last time we saw such volumes was when the stock was quoting around Rs 600. Such a price and volume action suggests that rally in the near term could be much sharper than expected. We could expect the momentum to catch up much more once it crosses Rs 900. My intraday target for the stock is Rs 890 and stop loss of Rs 850."