According to IIFL, traders can sell Tata Motors March Future below Rs 284 with stop loss of Rs 290 for a possible target of Rs 272, in its March 20, 2013 research report.
“Tata Motors has violated horizontal support line and convincingly closed below its 100‐DMA. On the upside, the stock has been facing resistance at its 50-DMA since last one month. Adding to it, the daily RSI has given negative crossover which supports selling argument in the counter. The stock had been moving in a rectangular band between Rs283-310 since last three months, resulting in a breakdown from a rectangular pattern. (Duration 5 days),” says IIFL research report.
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