Tata Consumer is one stock which has seen some serious wealth accumulation from the March lows. It has gone up more than 100 times the stock price. Where is it headed next? At Rs 519, is there still opportunity to buy into the stock for those looking at a medium term timeframe?
Tata Consumer went through consolidation. It gave a breakout above Rs 395-400 and the good thing was it has retested the levels of Rs 400 and then we saw an upward trajectory coming in the name. That was a good place to buy but if you talk about levels of Rs 520-525, then this is not the right time to buy for the only reason that the volume participation is good, the candles are very strong, but, the supports are coming at much deeper towards level of Rs 470.
Not Idea but what about Bharti? Irrespective of just about everyone on the Street being bullish on this one, this is the chosen one after Reliance. The stock price has not been able to push any further than Rs 560-570.
Lot of people have been bullish but I have been quite bearish on the name. On weekly charts, it had formed what we call a bearish C Clamp in Ichimoku setup. It got triggered at Rs 575 and from there on, we have seen it come to around Rs 570-575 levels. Then it again sees the beating. I would still skip it. There is support at Rs 540. If somebody wants to trade a bit, can wait for a dip and then keep a stop loss of Rs 540 and buy. If you want to see for a larger picture or a bigger move, Bharti Airtel has to give a close above Rs 600 for two or three days and then a swift move towards Rs 640-650. If it does not happen, don’t focus too much on Bharti.
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