TVS Motor may go down further if its breaks the support of Rs 44-45, says Kunal Bothra, Sr Technical Analyst, LKP.
Bothra told CNBC-TV18, "TVS Motor wins hands down on the short side, because you look at the overall structure also, probably compare Bajaj Auto, TVS Motors or even Hero Motors. TVS Motors clearly trades very close to its 52 week support, probably Rs 44-45 is the critical support."
He further said, "If one compare vis-à-vis Bajaj Auto or Hero Motor, this is one stock which looks weak because it's testing its previous support. The confirmation will only happen if TVS Motor breaks the previous support of Rs 44-45, and the overall scenario in the stock will look bearish. The long-term charts, the indicators as well as the price pattern would fall in the bearish side for TVS Motors."
