This 'TATA' group company has been quiet since last three months after a spectacular move from March lows. On January 2, the buying momentum accelerated in the stock in latter half, which resulted in a strong breakout from multiple hurdles. The volumes in this move were phenomenal -- nearly six times of its average daily volumes -- providing credence to the move. With this, the weekly and monthly time frame charts looks extremely promising and hence, we recommend going long on a decline towards 162 for a target of Rs192 in coming weeks. The stop loss can be placed at Rs 150.
This one of the 'Navratna' companies has been a sheer underperformer throughout this decade. From its all-time high levels of over 300, the stock prices kept sinking after 2010. Now, we have been observing some interesting price and volume activity in this stock since last 3–4 months. Although, it's still difficult to say whether the stock has enough potential to reach even half way of its record highs, the possibility of some decent move in the coming weeks cannot be ruled out. On Friday, the stock price had a huge price upsurge along with sizable volumes to confirm a 'Bullish Cup and Handle' pattern. Traders are advised to use any dip to go long for targets of Rs.42-45 in coming weeks. The strict stop loss can be placed at Rs.35.90.
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