The home grown automotive manufacturer from the Tata stable has been the favorite stock of those who followed Sell on Rise strategy. The southward movement in prices got arrested near 60 levels and ever since the stock has been making an effort to capture the lost ground. The recent price movement suggest a consolidation with an upward bias. One can see a triangle formation in the daily chart. If the price breaks above the triangle (marked as Long Entry Price Point in chart) the stock can attempt the price targets mentioned in the chart. The stop loss levels for this trade set up is also mentioned in the chart. The overall improvement in product profile on account of introduction of new brands could also aid this price movement from a fundamental point of view
Note:
The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa
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Sorry about the delayed response. For positional trades the long entry point need to be comfortably breached and the price need to close above it. For any intraday calls (I usually dont give it here) look for entry condition to be satisfied in 30 mts candles