Shubham Agarwal, CMT, AVP - Sr Technical Analyst, Motilal Oswal Securities is of the view that right now, Tata Motors charts are looking good but one should not bet that stock on the long side.
Agarwal told CNBC-TV18, "If we look at the recent low Tata Motors is around the Rs 200 mark from where it has rebounded. If you see the percentage term it has been already appreciated quite a lot. The earlier high of around Rs 255 is already being crossed but if you look at the longer term setup, the way it corrected from the mark of around Rs 300 and above to Rs 200, so the upmove which has happened just now I think it is just a retracement to that which can get exhausted. Right now, the charts are looking good but I would not bet that stock on the long side. I think the movement can get exhausted in the band of Rs 265-270 and once we have a bearish pattern developing around that then I'd be more keen on taking a sell trade there."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
