Last Week Tata motors Ltd break the strong resistance zone and gain up to 12%, get overview for upcoming week !!
As far as Indian market is concerned, automobiles are rebounding. They are now at a low. Considering the fact that most of the automobile companies have managed to either correct their inventories quite substantially or are in a position to correct their inventory pretty soon itself tells you that the volumes will rebound. Here we provide performance of Tata Motors Shares:
LAST WEEK PERFORMANCE:
On weekly chart Tata motors Ltd break the strong resistance zone of 195-200 and gain up to 12%, now this will be work as a strong support zone. Stock form inverse head and shoulder pattern and broke it with strong volume on weekly chart.
On the Technical chart stock have strong upside potential. Now stock price is trading above 200 day EMA. Stock has strong support at 200 and resistance at 290, On the RSI indicator price is not in overbought zone. In medium term prospective stock has strong upside momentum and in upcoming month we can see the level of 280-300
SUUPPORT AND RESISTANCE:
STRATEGY (MY VIEW):
In medium term prospective Tata motors has strong upside momentum and I am strongly bullish on the stock.
BUY TATAMOTORS LTD EQ BETWEEN 225-230, STOP LOSS 190 TARGET 290/330
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