Tata Motors - Readying for a long drive

With multiple headwinds, the stock had corrected big time and is now on the path of recovery aided in part by the easing of the global pandemic led economic lockdown. While it was tempting to have entered the stock at levels closer to 70, we needed to be certain of the recovery path. In the past month, the stock had attempted to retrace but failed at the 23.6% hurdle. Now, the stock finally closed above that level with a strong green candle after a series of green candles. MACD has moved into positive territory, volume has gone up adding to conviction, Ichimoku bullish crossover has happened ... the list is long...Good to go long with Tgt 1 - 116, TGT 2 - 122 and a TGT 3 of 132. SL 94.
Comment: WOW...huge upmove....


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