TATA MOTORS LTD
Open-588.35--High-599--Low-588—Close-595.55 on 30.6.2023.
Support:585.90/576.55/562.50/557.70.
Resistance:598.40/601/607.70/612.40/642/660/762/822/952/1088/1100/1160.
(Bold and underlined figures are most important)
The overall technical setup is good for the continuation of the up move, but it is near its all-time high of 612.40, so if it fails to cross this mark in the on-going up move then it could correct from here before resuming the up move again. It is important to mention here that it has made an Inverse Head & Shoulder Pattern on the monthly chart and the neckline is at 612.40, it is a highly bullish pattern and if it moves above 612.40 and sustains on the closing basis ,then its maximum upside target could be 1160. Please note that it may not achieve the maximum target but 30—40% upside from 612.40 could be there.
In view of the above it is suggested that long trade can be tried if it moves above 612.40 and sustains on the closing basis with a stop loss of 595 or can try on decline at appropriate points or near 558 with a stop loss of 550.
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.