Technical Analysis

Trading Call | Tata Motors (₹170.7): Buy

Yoganand D BL Research Bureau | Updated on December 12, 2019

File photo

The stock of Tata Motors has jumped 5.5 per cent accompanied by above average volume on Thursday, resuming the medium-term uptrend that has been in place since recording a 52-week low of ₹106 in early September this year. After a sharp rally in late October, the stock has undergone one month of sideways consolidation. But, key support at around ₹160 has provided base in the recent times.

The stock currently tests a resistance at ₹170. A strong rally can push it higher to ₹177 and then to ₹180 in the short-term. However, failure to move beyond ₹177 will keep the stock moving sideways for a while.

Immediate support at ₹160 can cushion the stock's downside. Subsequent key support is at ₹150. Traders with a short-term view can buy the stock at current levels with a deep stop-loss at ₹165.

Published on December 12, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like