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Published on 29/10/2020 12:17:00 PM | Source: ICICI Direct

Gladiator Stocks - Buy Tata Motors Ltd For Target Rs. 172 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Tata Motors Ltd. #Auto Sector #Trading Report #ICICI Direct

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Tata Motors (TATMOT): Symmetrical Triangle breakout signifies resumption of primary up trend…

* The auto sector has undergone a healthy base formation after witnessing a sharp up move during March-August. The past two month’s consolidation in Tata Motors has taken a shape of a ‘Symmetrical Triangle’ pattern. Currently, stocks logged a resolute breakout from this triangulation pattern, indicating conclusion of secondary phase. In turn, this augurs well for acceleration of primary up trend. Hence, it offers a fresh entry opportunity to ride the next leg of the up move

* The stock has taken more than seven weeks to completely retrace the previous two week’s sharp up move (| 120-155). A slower pace of retracement above its 52 weeks EMA placed at | 130, signifies robust price structure and higher base formation

* The stock formed a strong demand zone around | 124. We expect it to hold, going forward, as it is confluence of lower band of contracting triangle at | 124 coinciding with September low of | 122

* In a nutshell, we expect the stock to resume its primary up trend and head towards | 172 as it is the 80% retracement of the CY20 decline

 

Buy Tata Motors Ltd @ 135.00-142.00 TGT 172 SL 124.00

 

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