Tata Motors Ltd - Positional Trade

Date: 11-Aug-2024
LTP: Rs. 1068.10 (on 9-Aug-2024)
Next Resistances: (1) Rs. 1,179 --> (2) Rs. 1,284
SL: Rs. 950 on daily close basis

Technical View:
• TATAMOTORS is in it's primary uptrend and currently going through it's secondary uptrend.
• After breaking out from it's previous secondary uptrend on 25-Jul-2024, TATAMOTORS had touched the high of 1,179 on 30-Jul-2024.
• From it's previous high of 1,179 TATAMOTORS has retraced 14% to 1,008.40 level. TATAMOTORS has re-tested the previous secondary downtrend line and started the upward movement after taking a support at 50 DMA.
• On 9-Aug-2024, TATAMOTORS has closed above 20 DMA.
• RSI has re-entered buy zone on 9-Aug-2024 and trading at 54.16.
• MACD is trading at 14.21.
• Looking good from here onwards.

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