Bullish Possibilities:
As always we start with Bullish Possibilities. though in ST I do not see any bullish possibilities. As mentioned in my earlier post on tatamotors, Tata Motors has a resistance at around 416-431 so until unless it move past this resistance zone no bullish possibilities exist. But above 431 this stock can move close to 600 odd levels as mentioned in that post.
As can be seen from the weekly chart of Tatamotors, this stock is trying to form a W pattern and within the upward channel. So once this resistance zone (416-431) is concurred this stock can target 600 levels in medium terms.
Bearish Possibilities:
As mentioned in my last post.
Quote
we are almost done with the immediate up move and can start a down move at any moment although whipsaw at this level is quite natural.
Unquote
And we saw tatamotor put a red candle on weekly chart last week and on Daily chart Friday close is just on/ below the ascending channel.
So next week is trend deciding week for tatamotors. If this open lower and trade lower then quite possible that this will visit 393-400 in short term as can be seen from the below hourly chart.
The last hope for bulls comes at 360-368 support zone.
Summary:
1) Till tatamotors is below 416-431 and above 360-368 it is purely in consolidation zone for positional traders.
2) Below 360-368 it is only sell.
3) Above 416-431 it is only buy.
4) In consolidation buy the dips and sell the tops.
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developingresistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
As always we start with Bullish Possibilities. though in ST I do not see any bullish possibilities. As mentioned in my earlier post on tatamotors, Tata Motors has a resistance at around 416-431 so until unless it move past this resistance zone no bullish possibilities exist. But above 431 this stock can move close to 600 odd levels as mentioned in that post.
As can be seen from the weekly chart of Tatamotors, this stock is trying to form a W pattern and within the upward channel. So once this resistance zone (416-431) is concurred this stock can target 600 levels in medium terms.
Bearish Possibilities:
As mentioned in my last post.
Quote
we are almost done with the immediate up move and can start a down move at any moment although whipsaw at this level is quite natural.
Unquote
And we saw tatamotor put a red candle on weekly chart last week and on Daily chart Friday close is just on/ below the ascending channel.
So next week is trend deciding week for tatamotors. If this open lower and trade lower then quite possible that this will visit 393-400 in short term as can be seen from the below hourly chart.
The last hope for bulls comes at 360-368 support zone.
Summary:
1) Till tatamotors is below 416-431 and above 360-368 it is purely in consolidation zone for positional traders.
2) Below 360-368 it is only sell.
3) Above 416-431 it is only buy.
4) In consolidation buy the dips and sell the tops.
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developingresistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
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