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Tinplate Company of India reports standalone net profit of Rs 68 62 crore in the June 2021 quarter
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Tinplate Company of India (₹221.5): Buy
Yoganand D
BL Research Bureau |
Updated on
June 29, 2021
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Investors with a short-term perspective can buy Tinplate Company of India. Since its March 2020 low at around ₹56, the stock has been in a long-term uptrend, forming higher peaks and higher troughs. The stock took support in the band between ₹150 and ₹160 this March and resumed the uptrend, following a corrective medium-term downtrend.
However, it met with a resistance at ₹235 in early May and witnessed a sideways consolidation phase. On Monday, the stock has breached the downward sloping trend-line of symmetric triangle pattern by gaining 5.5 per cent with good volume. Also, it has conclusively surpassed the 21- and 50-day moving averages.