TATASTEEL CAN BE BULLISH ACCORDING TO MY ANALYSIS
AT WEEKLY FIB 61.8
AT LOWER TRENDLINE
400 STRIKE PRICE HAS THE HIGHEST PUT OI
DISCLAIMER
TRADE/ INVEST AT YOUR OWN RISK
TATA MOTORS, creating head and shoulder pattern has sustained below the neckline and the 20 period EMA below the 90 EMA also supports the bearish move. The chances of the share to touch the 150.35 level is very likely. If we get a daily closing below this level, next achievable target is the low at 130.
- The best level to buy will be around Rs. 165
- However, my advice will be don't jump, let the dust settle since the auto sector is still far from recovery
Tata Motors had acquired JLR from Ford Motor Company in 2008 for net consideration of US$ 2.3 billion. Tata Motors also derives close to 80 percent of its revenues from JLR and is hence highly dependent on the UK luxury vehicle brand.
TARGET: 96
STOPLOSS: 80
TATA STEEL IS Bouncing of it's trend line showing correction completion. But RSI is not showing the verification but price action verify the action.
TCS today has given a breakout on a larger triangle & smaller triangle, post its results today. We expect the stock to take first resistance near its all-time high at 2275 levels. A confirmed breakout above that level can lead to 2742-3000 levels. NSE:TCS
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