Tata Motors on the Verge: Key Resistance Levels

Jul 4, 2024

Current Scenario:

• Tata Motors is experiencing a consolidation phase just below its previous high.
• The stock has touched the resistance line twice (Touch 01 and Touch 02), indicating a strong resistance level around the previous high.

Key Levels:

• Entry Point: ₹1,029.00
• Stop Loss: ₹1,051.00
• Target Levels:
• Target 01: ₹991.95
• Target 02: ₹938.20
• Target 03: ₹904.00

Analysis:

• The stock is trading close to the resistance line, and a breakout above this level could signal a potential upward movement.
• Conversely, if the stock fails to break this resistance and moves downward, it might reach the indicated target levels.

Trading Strategy:

• Bullish Scenario: If Tata Motors breaks above the resistance and sustains, consider entering a long position at ₹1,029.00 with a stop loss at ₹1,051.00.
• Bearish Scenario: If the stock fails to break the resistance and shows signs of reversal, consider shorting with target levels at ₹991.95, ₹938.20, and ₹904.00.

Conclusion:

• Tata Motors is at a critical juncture with significant resistance levels in play.
• Traders should watch for a breakout or reversal at these levels to strategize their trades effectively.