Technical View- Tata Chemical
Tata Chemical is finding support at 595 and resistance at 602. On weekly chart, Tata Chemical is breaking out in weekly chart while trading above 21 and 55 days exponential moving average which is at 527 and 499 respectively while RSI and MACD too showing positive divergence which indicates that upper side seems certain in it. Three consecutive close + weekly close above 602 will see nonstop rally in Tata Chemical till 610---615 and then to 625++ mark in days to come.
Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 625+++mark in coming weeks. For positional trade, stop loss seeing below 595 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy Tata Chemical above 602 for the initial upside target of 610-615 and then 625++ mark with stop loss below 595 on closing basis.
More will update soon!!
