Tata Chemicals has shown an impressive performance on the bourses. The stock has been forming higher bottoms, which has been accompanied by high volumes. The stock had bottomed out at Rs 53 in the last week of April. From this level, it rallied upto Rs 79 in May-end.Subsequently, two higher bottoms at Rs 59 and Rs 63 have been formed. The daily moving average have 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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