Thursday, August 16, 2012

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Tata Motors is in a corrective bounce!

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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


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Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

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2 comments:

  1. Anonymous12 September 2012 at 14:38

    hi anirud,,

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

    thanks
    viji

    ReplyDelete
    Replies
    1. Aniruddha Deshpande15 September 2012 at 09:56

      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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