stock market today Due to the rise in coffee prices due to a demand-supply constraint, both coffee stocks and future prices of coffee are rising. Shares of Tata Coffee rose nearly 5.50 per cent, Continental Coffee or CCL Products (India) gained nearly 4 per cent, Coffee Day Enterprises or CCD shares rose 2 per cent in early deals on Tuesday. According to stock market analysts, this trend of rally in coffee stocks may continue as this demand-supply bottleneck is expected to continue due to crop failure in Brazil and Vietnam.
Speaking on intraday trading tips and surge in coffee stocks, Santosh Meena, Head of Research, Swastika Investmart Ltd said, “Coffee stocks are buzzing today, as Robusta coffee futures on ICE hit a four-year peak on Monday due to supply crunch While London cocoa futures hit a new six-month high, the outlook for coffee prices globally and domestically is still bullish due to supply issues.
To harmonize with the thoughts of Santosh Meena; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “The uptrend in coffee stocks is expected to continue as coffee production in Brazil and Vietnam has declined significantly due to crop failures in those countries. Short to medium term impacts on coffee supply and therefore some quality coffee stocks may continue to move upwards in the short to medium term.”
When asked about the quality coffee stocks that can be bought by Indian stock market investors today, Avinash Gorakshakar of Profitmart Securities said that Tata Coffee and CCL Products (India) Ltd are the stocks that one can buy for short to medium term. Can buy and keep.
On coffee stocks to buy today, Santosh Meena, Swastika Investmart said, “Technically and fundamentally, Tata Coffee and CCL products look strong, where Tata Coffee has an immediate resistance area. ₹from 215 ₹220. Above this, we can expect a move ₹245 levels. on the downside, ₹200 to ₹195 is an important demand area, and below that we can expect any weakness. CCL Products may continue to outperform due to its strong financial position where ₹from 415 ₹430 is the immediate resistance area. Above this, it is likely to move towards the 500 level, while ₹from 400 ₹385 is an immediate and strong demand area.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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