Tata Motors on the verge of a breakout? Know more here
Tata Motors share price increased by ~0.70 per cent in Thursday trading session, on an intraday basis even as the BSE Auto index outperforms the BSE Sensex.
The shares of Tata Motors are up by over 5 per cent in past five trading sessions while in one month the share price of Tata Motors is up by over 3 per cent. In 2021 alone Tata Motors has gained by 68.36 per cent. This is despite the steep fall of more than 22 per cent, the stocks witnessed between June 14 this year and August 23.
The shares of Tata Motors bounced from its 200D SMA on August 24 and are seen trading above the key short-term moving averages of 50D SMA and 20D SMA, indicating bullishness in the counter. The stock of Tata Motors is up by over 12 per cent from its August lows.
The recent announcement by the GOI on the PLI scheme for the auto industry and the expectation of Tata Motors gaining market share in the EV segment is what is creating a buzz around Tata Motors.
The share price of Tata Motors is seen gaining with spurt in volume and hence gives confidence to the bulls on the continuation of the trend.The shares of Tata Motors are trading at Rs ~314 per share at the time of filing this report. The stock faces stiff resistance at around Rs 319 per share.
If the share price crosses with heavy volume the resistance of Rs 319 per share we can call it a price volume breakout in Tata Motors. Long built up in Tata Motors is also helping the price momentum on Thursday.
Tata Motors should be on investors watchlist!