Don’t miss action in this multibagger auto stock
This auto stock is all charged up for the next rally
On Monday, Nifty sustained the gap-up opening and moved higher, with auto sector being one of the major contributors to the Nifty rally. Nifty Auto is one of the top performing sectors and has rallied around 40 per cent from March 2022 lows, with auto sector being one of the top performing sectors. Therefore, Nifty auto index is up by 1 per cent.
The Nifty auto sector has rallied 40 per cent from March 2022 lows. Tata Motors which has a weightage of 12.57 per cent in Nifty auto index has underperformed in the same period as it has gained more than 17 per cent.
On weekly timeframe, this stock is consolidating by forming lower highs and equal lows in the range of Rs 536 on higher side and Rs 366 on lower side. In the last 10 weeks, it grabbed investors’ attention by rallying 23 per cent and recorded volume greater that 30 weeks average volume. Currently, it is trading just above 200 DMA on the daily charts. Interestingly, the stock has closed above 5 DMA and 13 DMA in the last 3 consecutive day’s and thus, it indicates strong momentum. Also, 14 day RSI (54.80) is rising and supports this up move. Technically, Close above Rs 460 bodes well for the stock.
Currently the Tata Motors share price is trading at Rs 440 on NSE. Traders and Investors should add this stock to watchlist to track mentioned levels closely.