Tata Sponge on a daily chart stock price at Rs.613.05 has given a
breakout of descending parallel channel at Rs. 583 level, in the channel stock
price has touch the upper and lower channel twice, yesterday we witnessed stock
has breached this level. Hence now stock price will touch the previous high at
Rs. 684 level, which look most likely.
Momentum oscillator on a daily chart, MACD has given a positive
crossover, which add more bullishness for the stock price.
Trader
or investor can accumulate for the target of Rs. 684/720 level, with Rs. 575
stop loss on closing basis.
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