Thursday, August 16, 2012

Tata Motors is in a corrective bounce!

Daily Chart
Tata Motors  is past an important top around 320. From 320 we have fallen in clear 5 wave formation down to 200 odd levels. Now since the 5 wave down move is complete, we should look for a corrective bounce. I think we should eventually test the levels between 260-75 on Tata Motors, before resuming the downtrend. Nifty is displaying strength, and that strength will rub off on all the counters including Tata Motors. We should move up in a zigzag fashion, and oce the move on Nifty is done, Tata Motors will come down in the earnest.
Weekly Chart


  1. hi anirud,,

    Great work... thanks... can we exit tata motors now or will it go up further??


    1. TML has resistance in 265-275 zone. Above that we have 300 levels in sight. So hold on to your positions but always keep a SL, or may be Stop Profit if your position is already in the money.


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