We are seeing the best of FMCG sector stocks rally since past few trading sessions. We have been Bang on in anticipating this up move in TATA Consumer.
We published about Tata Consumer in November 2023
and predicted a possibility of good returns in the coming months in our Monthly
Research report. Check out the research we had published on 17th November
itself – Below is the detailed analysis of Tata Consumer and derived targets of 970 levels using Elliott Wave technique and Time cycle.
TATA Consumer weekly chart Anticipated as on 17th November 2023
TATA Consumer Daily chart Anticipated as on 17th November 2023
Wave analysis anticipated on 17th November, 2023
Tata Consumer products has shown strong
outperformance over the years. Looking at the pattern development we expect
this stock has further potential in the coming times! First chart shows that
when FMCG sector is struggling to give breakout of the range and continued to
move in a consolidation, however this stock has continued to rise and moving up
in form of higher high higher low fashion. Let us understand detail Technical
outlook of Tata Consumer for coming month.
In
the weekly chart of
Tata Consumer products, the stock is trading near the lifetime high levels. Stock
is moving well within a Multiyear upward tilted channel. It completed primary
wave 4 near 692 levels. Since then, the fifth wave has been unfolding which is
further sub dividing. Internal structure of primary wave 5 indicates that prices completed intermediate
wave ii near the trendline support and currently intermediate wave iii is
unfolding on the upside. We have shown projection of wave iii. As per this, we
expect wave iii to retrace 1.618% of wave I which comes near 1125 levels.
We
have plotted Time cycle of 76 weeks. Tata Consumer is following 76 period Time
Cycle as can be seen in the above chart. Red vertical line represents Time
Cycle. We can see prices have bounced from near our cycle. Recently cycle
turned onto buy side after a dip. So, we can expect upward momentum in this
stock in coming sessions.
On the weekly chart, we have shown ichimoku cloud. Prices have
closed and sustained above the Ichimoku cloud. Ichimoku can act as a support
cushion. As per this, nearest support is near 810 levels.
To
understand momentum, we have shown RSI which is trading above 60 which suggests
that a good momentum can be seen.
In a nutshell, trend for Tata Consumer looks positive. A
decisive breakout above 930 can open upside targets of 970 and finally to our
ultimate target of 1128 which is 1.618 times of wave i. While on the downside
810 is near term support levels.
Happened:
TATA Consumer daily chart (Happened as 20th December 2023)
As we predicted 1 month back if this stock give breakout of 930 levels on the upside then a good rally can be seen with the targets of 970. This tock has managed to surpass our target 1 level of 970 and recently made high of 991.30 which is more than 9% move in less than 1 month of span. This up move we have been able to capture with the help of Elliott wave, Time cycle along with price action.
Stock is currently heading
towards our target 2 which is near 1128 levels. So, one can use buy on dips
method for now with the targets of 1128(which is 1.618% of wave i) as long as
940 holds on the downside.
To know the in-depth analysis
from Elliott wave perspective, get access to the “The Financial Monthly
Update”. You can also find detailed analysis on Outperforming sectors and
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