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Tata Motors Ltd's shares gain as much as 1.47 per cent to Rs 182.6, highest since November 27, 2018. The stock breaks above its 50-day exponential moving average (EMA), it broke above a resistance at Rs 176.6 earlier on Tuesday, the 7 per cent Fibonacci retracement level of the downtrend from November 6, 2017 high to December 11, 2018 low.
Breakout suggests stock may now move up to a resistance at Rs 200.4, the 14.6 per cent retracement level. Wave pattern suggests, the downtrend that started in September 2016, has completed and stock is now in the initial wave of a five-wave uptrend.
MACD has turned positive and is above its signal line. Stock up 10.8 per cent in the past one-month compared with the broader NSE Index's 1 per cent gain.
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