TECHNICAL ANALYSIS STOCK
OF TATA MOTOR
Weekly View Of TATA MOTORS
This counter is in a downtrend
and remains an under performer. It is moving in a well-defined down sloping
channel since the highs of Rs 598 per share registered in September 2016. It
again approached the demand line of the said channel, which attracted buying
support and propped up prices from the lows of Rs 330 per share a couple of
weeks back.After retracing major part of the said pullback rally from Rs
325-372 levels, this counter appears to have formed a base around Rs 332 per
share and looks ready for a take-off. Hence, positional traders should go long
for an initial target of Rs 372 per share with a stop below of Rs 325. The ILCV
segment grew 24 percent to 105,000 units last year from 85,000 units in
2016-17. Tata Motors' sales within this segment grew by 37 percent to 46,200
units.
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