Tata Motors Ltd (NSE Cash)
LTP: 291
Support: 306 / 312
Resistance: 285
The candles resisted 306 levels for the first time in January and took support at 280 / 285 levels in the month of March. We can understand the strength of 280 / 285 levels as the chart has been taking support at these levels since months now.
Something really small went wrong on 6th July 2021 which triggered a fall from the highs of 351.55 to lows of 289.50 till yesterday, the 28th of July 2021 which comes up to almost an 18% fall in 22 days. This is huge.
It took the chart 6 months to gain 20% but around 22 days to lose 18% just because of a small issue which every other car manufacturer is facing. This doesn't seem right.
I think this is where we should enter into long positions in Tata Motors with a Stop Loss of any level before 280. Tata Motors may re-test 350 levels quite soon.
LTP: 291
Support: 306 / 312
Resistance: 285
The candles resisted 306 levels for the first time in January and took support at 280 / 285 levels in the month of March. We can understand the strength of 280 / 285 levels as the chart has been taking support at these levels since months now.
Something really small went wrong on 6th July 2021 which triggered a fall from the highs of 351.55 to lows of 289.50 till yesterday, the 28th of July 2021 which comes up to almost an 18% fall in 22 days. This is huge.
It took the chart 6 months to gain 20% but around 22 days to lose 18% just because of a small issue which every other car manufacturer is facing. This doesn't seem right.
I think this is where we should enter into long positions in Tata Motors with a Stop Loss of any level before 280. Tata Motors may re-test 350 levels quite soon.