Tata Motors (Tatamotors) : Driving in to the future...Last week, Tata Motors violated the 20 day EMA. Today, after breaching the 50 day EMA, the stock price rebounded and closed the day above it.
As per the chart structure, 451 at 50 day EMA and 434 at Fibonacci level can act as a good support and rebound zone.
Support at around 100 day EMA and Fibonacci retracement level around 402 if it breaks 434 level.
Aggressive investors can initiate position around the 50 day EMA on rebound or else wait for the stock price to break out above 537.
I am bullish on Tata Motors on a longer time zone and am have positions and hence my views could be biased. Please do your own research as this is just an analysis and not an advisory for buy and sell.
