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Accumulate Tata Motors - DVR, target Rs 106: Shitij Gandhi

Traders can accumulate the stock in a range of Rs 97-99 for the upside target of Rs 106 levels and a stop loss below Rs 91, says Shitij Gandhi of SMC Global Securities.

January 16, 2019 / 11:54 AM IST
 
 
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Shitij Gandhi

Tata Motors - DVR has been consolidating near its lower levels within a broader range of Rs 90-98 for more than four weeks. However, from technical front, the stock has formed an inverted head and shoulder pattern on daily charts and is on verge of a fresh breakout above the pattern.

Additionally, prices are also maintaining well above its short term moving averages which will support the up move in prices going forward. Traders can accumulate the stock in a range of Rs 97-99 for the upside target of Rs 106 levels and a stop loss below Rs 91.

(The author is a Senior Research Analyst, SMC Global Securities Ltd.)

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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first published: Jan 16, 2019 11:54 am
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