Tata Coffee, CCL Products: Tea, Coffee stocks to brew more gains in 2023

After a breakout, stocks like Tata Coffee, CCL Products, Jay Shree Tea & Industries and McLeod Russel India may easily see up to 20 per cent gains

Tea and coffee stocks have performed well since 2021, and are expected to do even better in the coming years. Sector giants like CCL Products (I) and Tata Coffee have so far gained 19 per cent and 8 per cent, respectively, in the current calendar year, extending their robust returns of 2021. Tata Coffee shares, for instance, doubled in CY21 with 104 per cent jump, while CCL Products (I) soared 61 per cent.

McLeod Russel India and Jay Shree Tea & Industries are two other stocks that have seen strong price performance in 2022. Both these stocks are up 12 per cent and 7 per cent, respectively, since the beginning of the year.

Here's a technical chart-check for these stocks:

CCL Products (I) Ltd (CCL)

Likely target: Rs 650

Upside potential: up to 20%

CCL Products (I) shares are currently making efforts to stay afloat above the hurdle range of Rs 540 to Rs 490, which has been a major obstacle since July last year. If the stock manages to sustain this range, which seems possible considering the accumulation seen in the last two months, the stock would breakout on upside to rally towards Rs 650 levels. The positive breakout could foster a bullish rally sighting up to 20 per cent jump. CLICK HERE FOR THE CHART

Tata Coffee Limited (TATACOFFEE)

Outlook: Breakout over Rs 250 may see a 20% rally

Shares of Tata Coffee are currently trading in a narrow range of Rs 250 to Rs 180 levels, with no clear breakout direction. However, if the stock sustains over the cushion of Rs 210, the price action may build momentum to surpass the upper roof of Rs 250. When this happens, the stock could rally to Rs 300 mark. CLICK HERE FOR THE CHART

McLeod Russel India Ltd (MCLEODRUSS)

Outlook: Breakout only over Rs 30

After concurrent upper circuits in September this year, the stock has witnessed elevated sell-off. Since then, the stock has remained subdued, and will only be back in action if it resolutely surpasses the hurdle of Rs 30 mark. Until then, the support of Rs 26 needs to be monitored to understand the core strength. CLICK HERE FOR THE CHART

Jay Shree Tea & Industries Limited (JAYSREETEA)

Outlook: Breakout over Rs 110

Jay Shree Tea & Industries shares are inching towards the breakout mark of Rs 110. Once they succeed to leap over, the trend is going to shove the stock to new highs. A breakout will see Rs 123 level, which remains the next impending hurdle. Support for the stock comes to Rs 102. CLICK HERE FOR THE CHART