Trade Idea of The Day - Tata Motors Passenger Vehicles Ltd Target Rs. 15 - Religare Broking Ltd
Tata Motors Passenger Vehicles Ltd
BUY 29 SEP 310 PUT Entry Range 6 – 7 Target 15 Stop Loss 3
Rationale
• On the daily timeframe, TMPV has continued with its negative bias, with a decisive breach below the key moving average of the 50-DEMA, suggesting a bearish continuation in the near term. Sustained trading below this level can keep the stock under pressure and strengthen the possibility of further downside.
• The stock price has witnessed a fresh rejection from the short-term moving average of 20-EMA at the 320- 325 zone, which may act as the immediate overhead resistance. Unless the stock reclaims it decisively, the broader short-term trend is likely to remain in a robust negative trend.
• Momentum indicators continue to support the cautious undertone. RSI is hovering below the negative territory, indicating persistent selling pressure and limited evidence of a meaningful trend reversal.
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SEBI Registration number is INZ00017433
