In the current situation, having a line in the sand at 502- in future there could be a selling opportunity back keeping in mind 502 should not be taken out to the upside-which is a far away situation & mentioned below are trading strategies can be utilized for opportunities in the coming session.
Scenario-1---- Going above 467 can push up to 480-485 on the upside.
Scenario-2---- Can look for a buying opportunity in the zone 440-445 if holds & moves above 455 as confirmation.
Scenario-3---- If we get the opportunity to see motors in the zone 480-490 -keeping 502 as resistance or line in the sand, we shall look for a downside target of 430-440 if confirmed for selling in the zone 480-490's.
Scenario 2 is in play- went close to 440-445 -made a low@448 -Opened gap up at 455-456 today@2nd March2017 & rushed upside likely heading for 480-490 zone as expected.
Now immediate hurdle is 467 moving above -case -1 activates as suggested in the trading strategy post above.
TataMotors speeding like a rocket on short term -crossed 470
Travelled close to 478-480 band but now it can become tricky here & we surely don't want 448 lows to be broken so keeping that intact or support we will look for an upside move between 475-480.
Remember this is a counter trend move & they are tricky at times -medium term trend is still down, which can take below 434 lows but not immediately.
Crying for several days -it touched the objective of 480-485 as mentioned in scenario-1 & also above keeping 448 intact downside.
I also said it is tough trading this part because it is a counter trend move-- move against the trend & trend is down.
TM is slowly slipping down as suggested in scenario-3. One should keep TM in watchlist.
Above 475 -we are expecting a bounce for the zone 480-482 as the possible zone to take sell with strict stops above 485. Here we want TM to come in the zone 480-482 & start falling below 475 for safe traders to take short or sell position. Stops should be 485 & above.
Above 475 it made intraday ending session bounce to 478 - 3 points intraday is more than enough as a scalper.
Target Reached on upside zone 480-485 expected 16 days back & dropped as well - solid.
Coming up with latest update.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw