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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.
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