Tata Motors Ltd - Breakout Opportunity

Date: 10-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 1,046.65
Targets: (1) Rs. 1,065 --> (2) Rs. 1,155
SL: Rs. 977 on daily close basis

Technical View:
TATAMOTORS is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 1,065.60 on 5-Mar-2024, it has retraced 14% to 921.20 level.
• On 10-May-2024, TATAMOTORS has broke out from its secondary down trend with higher than average volume.
TATAMOTORS has also closed above 20 DMA and 21 DEMA on 8-May-2024.
• RSI is trading at 63.72 and MACD is trading at 11.28.
• Looking good to continue upward journey.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.

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