geettanna
Long

Tata Motors - Long

NSE:TATAMOTORS   TATA MOTORS LTD.
Tata Motors has been on a bearish run since 2017 correcting from 550 levels, nearly 40%. The stock has taken support on the major trend line which it has been following since 2011. The stock had seen bounce back from the same trend line at 326 levels in April and has seen similar bounce at same levels. One can go long with Target of 342/352/360, Keeping Stop Loss at 325.
The stock is also seen forming a double bottom formation which can take the stock to 370 before reversal or break out. Break Out can further take the price around 399/400 levels.
Comment: With the Large Cap cycle turning bullish, this stock can be a good bet for medium term investing.
Trade active: Target of 342 Reached
Trade closed: stop reached
Todays Action didnt understood .
What happened to tata motors .
Reply
geettanna MohitArora
@MohitArora, Looks like whole auto pack was under pressure today. Tata Motors did exactly what CNX Auto did. There was fresh formation of Short Position, later saw some short covering in last hour. Whole Auto Space has been outperforming in March and April, Maruti and Ashok Leyland dominated, so saw some profit booking. Since Tata Motors have been under-performer throughout, it seems this counter will see some pressure but wont fall down further. Wait for Tata - JLR numbers, that may trigger the action. Keep strict Stop Loss if you're trading.
Reply
MohitArora geettanna
@geettanna,
it opened up at good gap but started falling from 1st candle itself.
Yes i am long near 338 and stop loss below support line .(long in call option).
Todays action is somewhat making Bearish view but lets see 2-3 more days how it react.
Reply
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