Ratan Tata shares rise 30% in 3 months, experts predict bullish despite profit booking

Tata Consumer Product ltd shares are doing well. If you are a tea and coffee drinker then you must have used tea and coffee products from Tata Consumer Products Limited at some point of time. Let us tell you that the stock of Tata Consumer Products Limited Company has increased by more than 30 percent in the last one month. The chart pattern of this stock indicates the possibility of further upside in the stock.

Shares saw profit booking

The stock of Tata Consumer Products Limited was trading at 956 on December 7, 2023, the stock performed well and touched 1261 on March 7, 2024, a gain of 30 percent in 3 months. The closing price of the stock on March 12 was Rs 1,217.75   . On March 7, 2024, the stock also touched a new record high of Rs 1269. After reaching new record highs, this stock is witnessing continuous profit booking.

Stocks still bullish

The stock has given a breakout after 6 weeks of consolidation on its weekly chart. The stock is still emerging as a top performer in the FMCG sector. The stock remains above all its important short and long moving averages like 5, 10, 30, 50, 100 and 200 DMA on its daily chart. The stock's RSI currently stands at 77.5. The daily MACD of the stock is above the central and signal lines which is a bullish sign.

Experts guess

Arpit Beniwal Equity Derivatives Technical Analyst Motilal Oswal Financial Services Ltd recommends buy on this stock saying that the chart structure of this stock looks good.

Arpit Beniwal further says that any investor on this stock should invest Rs. A stop loss below 1175 can be placed. It is expected that in the near future this stock will reach Rs. The target zone of 1320 could be touched which could be the new lifetime high of this stock.

Disclaimer :  tv9 hereby makes it clear that stock market investment is subject to financial risks. Investments made with the expectation of profit in the market may always face losses rather than profits. Our advice is to always seek expert advice before investing.