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The near-term outlook for the stock of TVS Motor Company is bullish. The stock surged over 4 per cent on Tuesday breaking above the key resistance level of ₹680. This level will now act as a good resistance-turned-support and limit the downside. There is room for a rise to ₹750-760. Short-term traders can go long now and accumulate on dips at ₹690. Stop-loss can be placed at ₹670.
Trail the stop-loss up to ₹705 as soon as the stock moves up to ₹720. Move the stop-loss further up to ₹725 as soon as the stock touches ₹740. Book profits at ₹745. Please note that the ₹750-₹760 is a strong short-term resistance zone that can hold on the first test.
The chances are high for the stock to reverse lower from this resistance zone towards ₹685-680 or even lower going forward. The stock can consolidate between ₹680 and ₹760 for some time and then break above ₹760 eventually to target ₹800 and higher levels over the medium-term.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading).
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