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Tata Chemicals Technical Analysis #55: Sell | Target Rs 590 | Arijit Banerjee

OUR RECOMMENDATION

CMP#635.15
IdeaSELL
Sell Range650 – 630
Target590 – 580
StopLoss*655
Duration15 – 20 Trading Sessions
Potential Return^7 – 9%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
635.15SELL650 – 630590 – 58065515 – 20 Trading Sessions7 – 9%

# CMP on Jan 22, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 585.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Tata Chemicals limited manufactures, sells and distributes dense and light soda ash, crushed refined soda, portland cement, sodium bicarbonate, caustic soda, gypsum etc. in India, Europe, Asia and United states. The company sells it’s products under few established brand name Tata Salt, Tata Salt Plus, I-Shakti Salt, Tata Sampann Spices, Tata Shudh etc. Founded in 1939, headquartered in Mumbai India, the Company has a global presence in India, Europe, Asia and United states.

Stock Data
NSE CodeTATACHEM
Sectoral IndexNifty 500
52W High782
52W Low550.1
Face Value10
Relative Performance_Tata Chemical vs Nifty 500

TECHNICAL OBSERVATIONS (WEEKLY)

  • On a Weekly chart, the stock has been trading with its downward sloping channel trend line since last many months and it seems that it could continue with its ongoing move.
  • Current price is on the verge of two resistance trend line. One is horizontal and another one is inclined. We expect the price to fall further from here.
  • Overall trend and the broader pattern are bearish and any reactive pullback might be temporary. A selling from here can be a great opportunity.
Tata Chemicals Weekly Chart
Tata Chemicals Weekly Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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