Tata Motors shares crack 11% in a month. How to drive the road ahead?
The stock has since been in a downtrend and is currently forming a wedge-like chart pattern.
Tata Motors is in the process of retracing the rise it has witnessed from sub-400 levels to the high of Rs 1,179.
“It has retraced and breached below 872 which was the 38.2% Fibonacci retracement level of the rise,” said Jatin Gedia, Research Analyst at Sharekhan adding that the stock is likely to drift towards Rs 777 which is the 50% Fibonacci retracement level of the rise and is likely to find support in the zone of Rs 770-750.
The daily momentum indicator has a negative crossover, however, is showing signs of positive divergence developing indicating a loss of momentum on the downside.
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