TATA MOTORS LTD
Open-462.90--High-523.85--Low-462.90—Close-506.90 on 13.10.2021.
Support:502.65/488.75/473.70/468/434.
Resistance:523.85/542.60/552/573.50/598.40/604.40/612.40/649/660/762/822/952/1100/1500.
(Bold and underlined figures are most important).
My last write-up on it was posted on 28.11.2020, please note in that post at a price of around 180, I had predicted a target price of 360—400 in 15-18 month time frame for it, but I am glad that it has achieved much more than that in just 11 months time then what I had predicted. It is in a strong long term uptrend and on an excellent technical footing. It’s important range for now is between 473.75----502.65, since it has closed above 502.65 today and if it sustain above it on the closing basis then it could retest its all-time high of 612.40 and may go much beyond that. Moving up from here its target or stiff resistance points could be at-523.85---552---573.50---598.40---612.40---660---762---822---952---1100---1500. Similarly break below 473.70 on the closing basis will push it into deep corrective mode which may please be noted.
In view of the above
observation, it would be safe to try long trade above 502.65; however aggressive traders can also try long trade on
decline near 473.70. The authentic
stop loss for the long trade would be below 460 now but it will move up in the proportion of the price rise in
coming days.
Kindly note that if it sustain above 502.65 on the closing basis then the possible upside target could be in the range of 1000---1200 in 8—12 months time frame.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore 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.