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The stock of Tata Global Beverages broke through the key barriers on Thursday, by gaining almost 11 per cent accompanied by extraordinary volume. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels.
Following an intermediate-term downtrend, the stock found support at around ₹177 in February. Since then, the stock has been in a medium-term uptrend. The stock took support at ₹200 last week after a minor correction.
On Thursday, the stock jumped breaking key resistance as well as 200-day moving average at ₹215. Moreover, the stock has also surpassed the 21- and 50-DMAs and hovers well above them. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI features in the neutral region with an upward bias. Both the daily as well as the weekly price rate of change indicators hover in the positive terrain indicating buying interest.
The short-term outlook is positive. The stock can continue to trend upwards and reach the price targets of ₹230 and ₹234. Buy with a stop-loss at ₹216.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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