In fact, the stock still has some upside left. It hit a 52-week high of Rs 886 on Aug 12, and is well on its way to hit the Rs 1,000-mark. One analyst advises investors to buy the stock at the current price or on dips.
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Tata Chemicals Ltd, a subsidiary of the Tata Group conglomerate, has rallied by about 200 percent in the last one year, compared to the 44 percent rally in the Nifty50 and about 50 percent in the S&P BSE 500 index.
On a year-to-date (YTD) basis, Tata Chemicals has risen by about 85 percent, compared to a near-17 percent gain in the Nifty50, and over 21 percent upside seen in the S&P BSE 500 index.
The stock has been in an uptrend as it is trading above its short- and long-term moving averages, such as the 5,10,20,50,100 and 200-DMA, which is positive for the bulls and suggests there is more upside.
The stock, which hit a fresh 52-week high of Rs 886.30 on the BSE on August 12, is well on track to scale new highs in the next 3-4 months. The momentum could take the stock towards the Rs 1,000 levels, suggest experts.
Tata Chemicals is a leading global chemical player with over 4,138 KT of soda ash and 236 KT of sodium bicarbonate capacities. The operations are spread across India, the US, the UK, Kenya and South Africa. With a customer base across the globe, Tata Chemicals is one of the world’s most geographically diversified players.
What the technical charts say
On the technical front, prices are rising in a higher top, higher bottom formation, within a perfectly upward sloping channel.
“On August 6, 2021, prices broke out of the contracting pattern (highlighted by red colour lines) with a ‘breakaway gap’ accompanied by a strong increase in volumes. A breakaway gap normally indicates the beginning of a strong positive move in price,” Jignesh Pandya, Sr. Research Analyst, Monarch Networth Capital Ltd, said.
“Momentum oscillator Relative Strength Index (RSI) is sustaining above the 70 level, which indicates a further positive build-up in momentum,” he said.
Pandya recommends investors to buy the stock at the current market price or on dips, keeping a stop-loss at the Rs 718 level and the target at the Rs 1,040 level for the next 3-4 months.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
