Tata Motors posts impressive global sales numbers, stock up marginally

Tata Motors, automobile company promoted by Tata Sons reported Group’s global wholesales number inclusive of Jaguar for June 2018. The company posted a 12 per cent rise at 1,00,135 units as compared to the corresponding month of the last year. The stock of Tata Motors is trading higher by 0.6 per cent from the previous close.

Out of the total global wholesales, commercial vehicles’ and Tata Daewoo range in June 2018 came in at 44,229 units, registering 53 per cent growth as against the same month last year. However, all passenger vehicles’ stood at 55,906 units, registering 8 per cent from June 2017. Global Wholesales for Jaguar Land Rover inclusive of CJLR (JV of JLR and Cherry Automobiles) volumes came in at 37,490 units with Jaguar at 10,354 vehicles and Land Rover at 27,136.

The stock of Tata Motors bounced back from its 52-week or multi-year low level at Rs. 252.55 levels on July 5 forming a Hammer-like pattern but witnessed multiple resistance at 276-277 levels which is between 38.2 and 50 per cent of its downward rally from 308.90 to 252.55. The stock is trading below its major EMA levels from 21 days. Further, though volumes are justifiable, 14-period RSI is quoting below 55 which suggest lack of momentum for now.