Shares of Tata Motors Ltd rose 1.21 per cent to hit a day high price of Rs 800.15 in Monday's trade. At this price, the stock was just 0.71 per cent away from its 52-week high of Rs 805.85, a level seen in the previous trading session. The multibagger scrip has gained more than 100 per cent in the past one year.
On BSE, around 5.09 lakh shares were seen changing hands today. The figure was lower than the two-week average volume of 10.62 lakh shares. Turnover on the counter came at Rs 40.49 crore, commanding a market capitalisation of Rs 2,63,119.65 crore.
Commenting on the ongoing upward run, analysts largely remained positive on the counter. Support on the counter could be seen at Rs 785, followed by Rs 779, Rs 775 and Rs 760 levels. On the higher side, a decisive breach above the Rs 810-820 zone is required to trigger a further up move.
"The automaker's total sales is almost 3 lakh crore. Once the company's margins start to come, it is going to be a huge positive for Tata Motors. We have a strong long-term view on Tata Motors and it is worth holding on to the counter," AK Prabhakar, Head of Capital at IDBI Capital, told Business Today TV.
"Support will be at Rs 775 and resistance at Rs 810. A decisive close above Rs 810 level may trigger a further upside till 830. Expected trading range will be between Rs 750 and Rs 850 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The stock has once again maintained its strong uptrend with next target visible at Rs 820 level. If the strength sustains, then it may further see Rs 880 level. Near term support is at Rs 760 zone," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"The stock may hit Rs 825 in the near term. Keep strict stop loss placed at Rs 785," said DRS Finvest founder Ravi Singh.
"Tata Motors is slightly bearish and also overbought on daily charts with next resistance at Rs 818. Investors should be booking profits at current levels as a daily close below support of Rs 779 could lead to a slip towards Rs 738 in the near term," said AR Ramachandran from Tips2trades.
As of September 2023, promoters held 46.38 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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