Buy Tata Motors Ltd For Target Rs. 509 - ICICI Direct
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Buy Tata Motors Ltd TGT : 509.00 SL : 437.00
Technical Observations
• The auto space has been outperforming in the last few months and has recently generated a breakout above the multi-year consolidation. Within the Auto space our preferred pick is Tata Motors which we expect to outperform going forward
• It has recently generated a breakout above the supply line joining highs of April & July 2022 and is seen forming a higher base above the same signalling strength and continuation of the up move
• The stock has immediate support at | 440 levels being the confluence of the rising 50 days EMA (currently placed at 440 levels) and the 80% retracement of the recent up move (|427-481)
• We expect the stock to maintain positive bias and head towards | 509 levels in the coming weeks as it is the confluence of the high of February 2022 and the 80% retracement of the entire decline (| 536-367)
• Among the oscillators the daily 14 periods RSI is in uptrend and is seen rebounding taking support at its nine periods average and the rising trend line support joining recent lows thus validates positive bias
Technical Chart
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