Tata Tea is approaching short-term top
11 December 2008
When Tata Tea reached the 430 level a few days back, it was clearly time to buy. Not only was the overall market in an oversold condition, this particular stock had reached a 123.6% Fibonacci projection of its previous large decline. From the 430 area, we have already seen over 30% gain, and it is natural to start wondering where we will run into some profit taking. This level comes at 574. The major resistance actually lies at 600, but am quite happy to recommend getting out of longs above 570. We should see a decline of at least Rs100. Good luck. | |
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I teach exactly this kind of Indian stocks setup, step by step, in Module 9, Module 10, Module 17 and Module 18 of my course, built around real Indian stock case studies like TCS, BHEL and Bajaj Finance.