Monthly Technical : TVS Motor Ltd For Target Rs. 3256 - Choice Broking Ltd
Buy TVS Motor @ 2852 with a target of 3256 and a stop loss at 2650
TVSMOTOR is currently positioned near a breakout from a Cup and Handle pattern on the weekly chart, while also forming an Ascending Triangle pattern on the daily chart. This confluence of bullish patterns highlights a strong technical setup. The price action reflects healthy consolidation just below the breakout zone, suggesting accumulation and diminishing selling pressure. A decisive close above Rs.2852, supported by strong volumes, would confirm the breakout and potentially trigger the next leg of the uptrend.
The stock is trading well above its key exponential moving averages — the 20, 50, 100, and 200-day EMAs — indicating strength across short, medium, and long-term timeframes. Momentum indicators further reinforce this bullish outlook. The daily Relative Strength Index (RSI) stands at 61.87 and is trending upward, signaling strengthening momentum without entering overbought territory. This alignment of price structure and momentum suggests the potential for a sustained move higher.
From a trading perspective, a buy-on-dips strategy near the Rs.2790 level could present a favorable entry opportunity, with a positional stop-loss placed at Rs.2650. Once the breakout is confirmed, the stock could advance towards Rs.3256 and beyond, offering an attractive risk-reward setup for positional traders.
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