Tata Motors has support at Rs 1150-1130: Kulkarni

Tata Motors has support at Rs 1150-1130, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "In case of Tata Motors I would say that Rs 1,200 was the important support. The stock has already gone below the levels of Rs 1,200 and further weakness can come into the counter. So I would say that the next support level comes around 200 day moving average, which is approximately the level of around Rs 1,150 to Rs 1,130 that is a range in which you have the exponential as well as the simple 200 day moving average. So that is the fall which can be expected."
He further added, "In case of M&M the stock corrected below the strong support levels, so another 5-7% from current levels is possible in case of M&M also."