Technical Analysis of Indian Equities by Nooresh

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Tata Motors – Confirmation of Breakout above 285 can head to 300-320 in short term.

By In Stock Technical View Last Updated On: 19/12/ 2012
Tata Motors

 

After doing a good re-test of 250 breakout the stock now seems to be heading to a new move above 285

Wait for a confirmation above 285 for a quick trade to 300-320. Stoploss 275

Nice range bound moves indicate move can be sharp on breakout.

 

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{ 2 comments… add one }
  • Bhushan December 9, 2012, 22:47

    Respected Sir,
    I am a novice in technical analysis,but still I would like to add my observtions,regarding
    Tata Motors charts.
    The charts show negative divergence of indicators MACD and Stochastics.
    Share price is having horizontal line while both indicators are showing downward slopes.
    You are welcome to put light on my observations.
    Thanking you,
    Bhushan

    Reply
    • Nooresh December 10, 2012, 18:01

      Hi Bhushan,

      Indicators may show divergences many a times but will it imply that stock will not breakout. So right now indicators are not showing any positive signals. Also for sample study look at Dr Reddys or Raymonds were they showing positive indications before breakouts.

      Personally dont look at many indicators.
      We try to take risk-reward based entry trades. So in Tata Motors we may keep a stop below 274 and look for 300-320 with buying
      around 280-285.

      Above all dont mind going wrong till the time you can be right 65-75% of the time.

      Reply

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