Kunal Bothra, LKP is of the view that Tata Motors has support at Rs 275-280.
Bothra told CNBC-TV18, "The bounce in Tata Motors what we have seen today is probably because of the difference in the closing price which happened on Friday. The closing price was close to Rs 281-282 where as the last traded price was Rs 290-292. So the current price is just offsetting that difference. My sense is the next couple of days you might see the stock next even drifting below the 200 day moving average which is now very close to Rs 285 levels. So my sense is this is just a correction or a consolidation which is happening on Tata Motors. I think the stock would drift down because if you look at the overall formation what the stock faced from around Rs 330-335 levels the trend is now on the downside. I would probably look at Rs 275-280 as important support levels for Tata Motors from here on."