Aditya Agarwala
On the daily chart, Tata Motors is on the verge of a breakout from a Flag pattern neckline placed at 314 (as indicated on chart) indicating bullishness building up in the stock.
A sustained trade above Rs 314 with healthy volumes can resume the uptrend taking it to levels of 328-340. Further, it has taken support at the 50% Fibonacci retracement level and turned upwards affirming bullishness.
Moreover, RSI has witnessed a range shift after taking support at the 46-level entering the bull zone affirming bullishness. The stock may be bought in the range of Rs 307-310 for targets of Rs 328-340, and a stop loss below Rs 298.
Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert 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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