TATA MOTORS HAS FORMED BULLISH CHART PATTERNS ON DAILY AND H-1 TIMEFRAME, THERE ARE MULTIPLE CONFIRMATIONS WHICH SUGGESTS STOCK MAY RALLY UP TO INR 200 MARK IN MEDIUM TERM (1 MONTH).
DAILY CHART
DAILY CHART HAS FORMED ASCENDING TRIANGLE ON DAILY CHART, WHICH HAS GOT CLEAR BREAKOUT TO THE UP SIDE, SUGGESTS IT MAY RALLY FURTHER TO THE NORTH.
HOURLY CHART
LOWER TIME FRAME (60 MINUTES) HAS FORMED BULLISH FLAG PATTERN, WHICH ALSO GOT BREAKOUT TO THE UP SIDE, ALSO ADDS CONFIRMATION ON BULLISH BIAS ON STOCK.
TARGET CONFIRMATIONS
1) INR 200 IS PROJECTED TARGET AS PER BULLISH FLAG BREAKOUT PATTERN, WHICH IS ALSO PSYCHOLOGICAL ROUND FIGURE NUMBER.
2) 1.618 EXTENSION OF FLAG POLL ALSO SUGGESTS TARGET PROJECTION AROUND 200 MARK.
3) DAILY CHART HAS ALSO GOT SUPPORT & RESISTANCE AROUND 200 MARK, SO THAT MAY ACT AS MAGNET THIS TIME ALSO.
SO, WAIT FOR STOCK TO RETEST HOURLY FLAG RESISTANCE AREA AROUND 172-176 FOR ENTRY REASON.
ENTRY: INR 172-176
STOP LOSS: INR 158.75
TARGET: INR 199
DAILY CHART
DAILY CHART HAS FORMED ASCENDING TRIANGLE ON DAILY CHART, WHICH HAS GOT CLEAR BREAKOUT TO THE UP SIDE, SUGGESTS IT MAY RALLY FURTHER TO THE NORTH.
HOURLY CHART
LOWER TIME FRAME (60 MINUTES) HAS FORMED BULLISH FLAG PATTERN, WHICH ALSO GOT BREAKOUT TO THE UP SIDE, ALSO ADDS CONFIRMATION ON BULLISH BIAS ON STOCK.
TARGET CONFIRMATIONS
1) INR 200 IS PROJECTED TARGET AS PER BULLISH FLAG BREAKOUT PATTERN, WHICH IS ALSO PSYCHOLOGICAL ROUND FIGURE NUMBER.
2) 1.618 EXTENSION OF FLAG POLL ALSO SUGGESTS TARGET PROJECTION AROUND 200 MARK.
3) DAILY CHART HAS ALSO GOT SUPPORT & RESISTANCE AROUND 200 MARK, SO THAT MAY ACT AS MAGNET THIS TIME ALSO.
SO, WAIT FOR STOCK TO RETEST HOURLY FLAG RESISTANCE AREA AROUND 172-176 FOR ENTRY REASON.
ENTRY: INR 172-176
STOP LOSS: INR 158.75
TARGET: INR 199