Keep stoploss at Rs 274 in Tata Motors: Doctor

Parag Doctor, Head - Trading Strategies of Keynote Capital advised keeping stoploss at Rs 274 level. According to him, if the stock crosses immediate resistance of Rs 300, it can go to Rs 310-315.

Doctor told CNBC-TV18, “For Tata Motors, Rs 274-275 is where the trend determining level is. That is where the 200-day average is located. So I would advise to put a trailing stoploss there around Rs 274. The medium-term trend for Tata Motors is up. There is a chance if it crosses immediate resistance of Rs 300, it can go to Rs 310-315 which is where stronger resistance exists.” He further added, “So one can exit holding around at Rs 310 level if one gets there or if Rs 274 breaks I would advise to really come out of the stock. This stock has been trading in a narrower band. So Rs 310 and Rs 270 is the kind of trading range. It is not really exhibiting the momentum which was there three-four months back. It would be advisable to keep the stoploss at Rs 274 level.”