TATA MOTORS LTD
Open-174.65--High-183.85--Low-174.65—Close-178.75 on 27.11.2020
Support:174/169/167.55/164/155.20/154.70/149.10.
Resistance:184.50/190/193.05/201.70/219.45/226.20/239.35/251.80/263/282/313.90/324.30/368.80.
All Time High:--612.40 Made on 3.2.2015.
Recent Low :--63.50
Made on 24.3.2020.
(Bold and underlined figures are most important)
It is getting geared up for a big up move in coming months provided it respects it important key points mentioned below and most importantly if market conditions remain conducive. Moving up its major key points are at 190 & 193.05 sustained close above these points will open the door for a big upside move but going up it will face stiff resistance and the broad resistance points would be at 201.70---240---279---338---402---472---503. Similarly moving down its major key points are at 174---169---167.55---164---155.45(last figure will change with new upside movement in the price), it can be bought on decline but not below 155.45(this figure will also move up with fresh up move in the stock price/ stop loss will also move up) with a stop strict loss of 152 because sustained close below 155.45(it can change) can push it into long term correction mode and may potentially threaten the uptrend also. The present important range for it is between 193.05----167.55----155.45.
The short term technical setup is good but it will take some time for the medium and long term technical outlook to improve, so have patience and accumulate the stock on decline or above important points for smart gains. I once again repeat to exit long position if it sustain below 155.45(this figure will also move up with fresh up move in the stock price) on the closing basis. Please note that you can structure your trade or investment with the help of above mentioned support and resistance points.
The investment time horizon is 15-18 months and the possible upside target could be 360—400 or may be more, will review again once the said target is achieved.
It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss
in favorable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.