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The stock of Tata Motors - DVR has jumped 8 per cent accompanied by above average volume in today's session, decisively breaking above a key resistance at ₹42.5. Since recording a 52-week low at ₹28.3 in late March this year, the stock has been in a medium-term uptrend. The stock had conclusively breached a vital resistance at ₹37 during initial part of the week and continued to trend upwards. Moreover, the stock had also breached its 21- and 50-day moving averages and trades well above them.
The daily Relative Strength Index (RSI) features in the bullish zone and the weekly RSI charts higher in the neutral region. Also, the daily price rate of change indicator hovers in the positive terrain, implying buying interest. There has been an increase in daily volume over the past five trading sessions.
Traders can buy the stock at current levels with a deep stop-loss at ₹43. Targets are ₹47.5 and ₹49.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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