Tata Motors: Buy above Rs293

Tata Motors is finding support at the black upward sloping trend line. And it is in effect for last 5 months so it should be considered as a valid trend line.

It made an intraday high at Rs290 on Thursday and the previous top was at also Rs289, so once this level is breached decisively HDFC Sec feels there will be more upside in the offing.

There was a ‘Western Gap Up’ between Rs282 and Rs281.25 formed on 13 December 2012 which is a bullish sign.

All the oscillators except 10 day ROC have started generating fresh buy signals.

But Tata Motors above Rs293 for a price target of Rs309 in one week. Keep a stop loss of Rs286 on the closing basis.

Posted in: INVESTMENT BUY,STOCK ADVICE