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The short-term outlook is bullish for Tata Motors. After moving broadly in a sideways range since July this year, the stock price has resumed its overall uptrend. The 11 per cent surge this month marks the end of the sideways consolidation. The region between ₹670 and ₹690 will be a very strong support zone. The stock has to fall below ₹670 to come under pressure and change the outlook negative. But that looks less likely.
Tata Motors share price can rise to ₹790-₹800 over the next four to six weeks. Short-term traders can go long now. Accumulate on dips at ₹690. Keep the stop-loss at ₹660. Trail the stop-loss up to ₹710 when the price moves up to ₹735. Move the stop-loss further up to ₹745 when the price touches ₹760. Exit the long positions at ₹780.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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