Stocks to Buy: Here's why Tata Motors and Jamna Auto are looking attractive
Indian Stock Market: The bulls were able to protect the level of 19,600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favour the market.
On the higher end, resistance is visible at 19,850; above 19850, the index might move towards 20,000. In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000.
The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering. Jamna Auto share price has experienced a downward consolidation breakout on the daily chart.
Furthermore, it has been maintaining a position above the critical moving average. The RSI is indicating a bullish crossover. In the short term, the stock may potentially move towards 128, with support at 117.
Tata Motors share price has experienced a fresh breakout from a sideways consolidation pattern, marked by a sharp increase in volumes on both smaller and larger time frames, confirming its bullish undertone. It has found support at the 20DMA and rebounded strongly, with this level now acting as support for the bulls. Additionally, the momentum indicator RSI has surpassed the level of 60, reinforcing the buy signal.
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