Tata Consumer Products - Double bottom
Tata Consumer Products has created a double bottom pattern on a weekly timeframe and given a decent breakout on a daily timeframe, making it an ideal buy candidate.
Being an FMCG sector stock in India, which has an ever increasing population, also a very young population, makes FMCG stocks a very safe bet for a few years.
Add a decent setup from a technical perspective and its a no brainer to accumulate on dips.
That said, please do keep an exit strategy in mind, no matter how safe a stock is. My strategy would be using a 50EMA as a trailing stoploss.
For those who do not know what a stop loss is, its basically a rule that a trader follows where in, when price goes below a particular zone/trendline/moving average, etc, they would sell it, no matter what.
Being an FMCG sector stock in India, which has an ever increasing population, also a very young population, makes FMCG stocks a very safe bet for a few years.
Add a decent setup from a technical perspective and its a no brainer to accumulate on dips.
That said, please do keep an exit strategy in mind, no matter how safe a stock is. My strategy would be using a 50EMA as a trailing stoploss.
For those who do not know what a stop loss is, its basically a rule that a trader follows where in, when price goes below a particular zone/trendline/moving average, etc, they would sell it, no matter what.
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This stock has given good returns and has also given the chance for a new entry with a double bottom formation as of today.