Trade Idea of The Day - Tata Motors Passenger Vehicles Ltd Target Rs.15 - Religare Broking Ltd
Tata Motors Passenger Vehicles Ltd
BUY 23 NOV 290 CALL SELL 23 NOV 310 CALL Entry Range 6 – 7 Target 15 Stop Loss 2
Rationale
• On the daily chart, TMPV witnessed a strong bullish reversal, from its falling trendline support with a robust surge in trading volumes, indicating renewed buying interest after a prolonged corrective phase.
• From a technical perspective, the stock has decisively reclaimed its 50-DEMA zone with sustained trading above its shortterm moving average, signalling improving price action and a potential trend reversal.
• Momentum indicators have turned constructive, with RSI advanced above the 60 mark, while MACD has generated a bullish crossover with expanding positive histogram bars, indicating strengthening upward momentum.
• Going ahead, sustained momentum above 285-290 zone could extend the recovery towards the 310-315 zone, which also aligned with the 100-DEMA. On the downside 275–278 zone is likely to act as an immediate support base, favouring a buyon-dips approach.
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SEBI Registration number is INZ00017433
