TATA CHEMICALS LTD
PREVIOUS- ATH---1214.90 MADE
ON 11-10-2022
NEW ATH--1349 MADE ON
7.3.2024
CMP---1315 25 ON 7.3.2024.
In last six days it has shot up from 939 to 1349 and closed at 1315.25 on 7.3.2024. Please note that it has given breakout on 7.3.2024 from its previous all-time
high of 1214.90 after more than 16 months which is a bullish sign, if
it sustains the breakout then the upside target could be 1349/1385/1424/1440/11469/1478/1553/1762/1815. It is in the new zone
now therefore likely to continue the up move with intermittent corrections. In
worst case scenario if it holds the range of 1147---1123---1113---1104 on the closing basis then the chance of
up move will be alive but sustained break below 1104 can drag it down. It is
suggested to avoid long trade below 1214.90
but can be tried on the decline near or within the range of 1147---1113 with a stop loss of 1080.
Please note that since it had vertical rise
for the last six days in a row therefore it may correct also on any day. But
buy on decline strategy with appropriate stop loss should be adopted till it
holds 1214.90 on the closing basis
or buy if it moves above 1349 with a
stop loss of 1310.
IMPORTANT NOTE: -- IT IS IN THE NEW ZONE THEREFORE LOOKS HIGHLY BULLISH AND LIKELY TO CONTINUE THE UP MOVE, BUT PLEASE NOTE THAT MOST OF THE ACCIDENT DO HAPPENS IN THE NEW ZONE ONLY.THEREFORE IT IS SUGGESTED TO RIDE THE RISE IN THE LONG TRADE WITH AN EXTREME CAUTION AND ALERT.
NOTE:
- It is a technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore it has to be
technically reviewed at regular intervals.
Disclaimer:-The view expressed here are solely of the author
and he is not at all responsible in any way for the outcome of the trade you
enter based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the
price move up/down to gain maximum profit and avoid losses. Use support and
resistance levels as entry, exit, target and trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
