Amit Harchekar of A Plus Analytics is of the view that Tata Coffee may test Rs 96-100.
Amit Harchekar of A Plus Analytics told CNBC-TV18, " Tata Coffee is a contra play at these levels. There is a break away gap which has happened at around Rs 87-88 few weeks back. We are expecting that gap to act has a strong support, so from this level we are expecting the stock to give a strong pullback towards Rs 96-100 which again turns out to be the long-term resistance. So we are only playing for a 5-6 percent upmove with a tight stop loss of Rs 88."
At 14:05 hrs Tata Coffee was quoting at Rs 90, up Rs 0.45, or 0.50 percent. It has touched an intraday high of Rs 92.50 and an intraday low of Rs 89.30.
Disclosure: Analyst has recommended the strategies to his clients but has no personal holdings.
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