3 Tata Group Stocks Clocks Fresh 52-Week-High Today: What Chart Pattern Says?

During Thursday's trading session, 3 Tata group stocks Tata Consumer Products, Tata Steel, and TCS made fresh 52-week highs on 14th September. Tata Consumer Products opened today on the NSE at Rs 895 apiece, clocked a fresh 1-year high of Rs 897.70 during the morning deals, and closed with a downside gap of 0.70% at Rs 883.10.

Meanwhile, Tata Steel opened on the NSE at Rs 131 apiece, made a new 52-week-high of Rs 134.20 on the morning deals, and then closed at Rs 131.95 with an upside gap of 1.85 %. Whereas, Tata Consultancy Services (TCS) opened today on the NSE at Rs 3,570.05 apiece and made a fresh 52-week-high of Rs 3,597.70 during the early morning session and closed with a drop of 0.15% at Rs 3,562.35. So what should be your trading strategy ahead for Tata Consumer Products, Tata Steel, and TCS, let's take recommendations from analysts.

Tata Consumer Products Share Price Target

Ameya Ranadive, Research Analyst, Choice Broking said, "Tata Consumer, presently quoting at 883, has demonstrated commendable consolidation within the range of 840 to 880 over the past eight months. The recent breakthrough at 880 is an encouraging development, though it is imperative for the stock to maintain this level to ensure sustained upward momentum. Notably, Tata Consumer is currently trading above its critical moving averages, including the 20, 50, 100, and 200-day exponential moving averages, signaling a positive trajectory. Moreover, the Bollinger Bands indicate an expansion, pointing towards heightened market volatility and potential trading opportunities. Given these indicators, it is reasonable to anticipate accumulation in the range of 880 to 860. For mid-term planning, setting targets at 975 could be a judicious approach, allowing investors to capitalize on the current favorable trend."

Tata Steel Share Price Target

Deven Mehata, Equity Research Analyst at Choice Broking said, on the daily price chart, Tata Steel has formed a bullish flag and pole chart pattern, indicating a potential continuation of bullish momentum. The price is currently consolidating near the resistance level of 133.20, which serves as a breakout point. If the price sustains above this level, it may likely experience further upside momentum, targeting levels around 137.5 and 142 in the short term. It's worth noting that 128 is an important support level for the stock. This breakout is a positive signal for investors, suggesting that the stock has room for further upward movement. Furthermore, the stock's ability to trade above key moving averages highlights its current strength and positive momentum.

However, it's essential to consider the Relative Strength Index (RSI), a widely followed momentum indicator, which is currently at 69. Additionally, the Stochastic RSI is showing a positive crossover, indicating strength in the stock. The ADX (Average Directional Index) is at 28, signifying momentum in the stock. To capitalize on this bullish momentum; consider buying on dips at lower levels around 129-130 if such an opportunity presents itself.

TCS Share Price Target

Deven Mehata, Equity Research Analyst at Choice Broking believes that Tata Consultancy Services (TCS) is currently trading at 3563 levels. The breakout above the 3550 level is significant, indicating a potential bullish momentum in the stock. The consolidation pattern at the higher end of the range suggests that there might be strong support at this level, potentially propelling the stock towards 3720 levels if it breaks out further.

Additionally, the presence of a strong support level in the range of 3460-3410, coinciding with the 20 and 50-Day Exponential Moving Averages (EMA), implies that there is substantial buying interest in the stock around these levels. This serves as a solid foundation for potential upward movement, as investors often view these levels as favorable entry points.

The Relative Strength Index (RSI) at 68 indicates that the stock is not overbought yet, suggesting there may still be room for further upside. Moreover, the fact that TCS is trading above all important moving averages signals strength in its current trend.
Considering the technical factors and market conditions, it appears to be a favourable opportunity to buy TCS at the CMP as well as on dips for the target of 3720, with a recommended stop loss set at 3410.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.