Shares of Tata Motors Ltd saw uptrend movement during today’s trading session and closed with 3.99% increase in value in NSE. The scrip hit an intra-day high of 312.50 and closed at 307.70 per share. The stock is expected continue on its bull run in near future trading sessions as Q4 results are expected to release tomorrow and projections from major fund houses show increase in revenue and profit albeit decrease in demand for JLR products. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 37 to 68 as the signal line continues to move in neutral region with a slight upward incline supportive of existing momentum for upward price growth.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day charts supportive of continued bullish price movement in near future trading sessions. Expected support and resistance levels for the stock are at 294.53 & 319.71 respectively.
Image : 1 hr intra-day data from MCharts MT4 Platform