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Published on 19/07/2019 4:02:43 PM | Source: Choice Broking Pvt Ltd

Sell Tata Global Beverages Ltd For Target Rs.233.70 - Choice Broking

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* On an hourly chart, the stock has given a breakout of its Neckline of Head & Shoulder formation which is a Bearish Reversal formation and indicates a downside movement in the counter.

* Moreover, on a daily chart, the stock has been trading below its 21 Days Moving Average shows a negative rhythm in the counter for the time being.

* On a weekly chart, the stock has formed a Bearish Harami Candlestick formation which is a Bearish Reversal sign and suggests a southward movement in the counter.

* A daily momentum indicator RSI reading is at 42.05 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions.

Recommendation

Buy Tata Global Beverages Ltd @250.00-251.25 Stoploss 258.15 Target 233.70

 

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