Tata Chemicals may touch Rs 270: Abhijit Paul

Abhijit Paul, Founder of Alphative Advisors LLP told CNBC-TV18, "It has been very evident that we are seeing momentum coming in in the small and midcap space. Tata Chemicals erstwhile is underperforming for quite sometime, but over last fortnight and a little more than that it has taken its time and within a range of 20 points with the move that we see for the day it has managed to breakout on the upside. I sense that for sure the stock will extend further up for a test of Rs 270 and then probably towards Rs 285. One should use a stoploss at Rs 245."

At 14:07 hrs Tata Chemicals was quoting at Rs 260, up Rs 6.20, or 2.44 percent. It has touched an intraday high of Rs 262.40 and an intraday low of Rs 255.20.

The share touched its 52-week high Rs 381.50 and 52-week low Rs 234.50 on 09 January, 2013 and 04 September, 2013, respectively. Currently, it is trading 31.85 percent below its 52-week high and 10.87 percent above its 52-week low. Market capitalisation stands at Rs 6,623.66 crore.

Disclosure: I do not hold the stock that we have mentioned but we do have recommended the stock to our clients.

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