Tata Motors Ltd shares slipped 2.03 per cent in Monday's trade to hit a low of Rs 758.70, in line with the overall weakness in domestic benchmarks. Despite today's drop, the stock has climbed 5.67 per cent from its 52-week low value of Rs 718, seen on December 23 last year.
The carmaker said its global wholesales in third quarter (Q3 FY25), including Jaguar Land Rover (JLR), were at 341,791, an uptick of 1 per cent as compared to Q3 FY24.
"Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q3 FY25 were at 97,535 nos., lower by 1 per cent, over Q3 FY24. Global wholesales of Tata Motors passenger vehicles in Q3 FY25 were at 139,829 nos., higher by 1 per cent as compared to Q3 FY24. Global wholesales for Jaguar Land Rover were 104,427 vehicles, higher by 3 per cent as compared to Q3 FY24. Jaguar wholesales for the quarter were 5,604 vehicles, while Land Rover wholesales for the quarter were 98,823 vehicles," it stated. Tata Motors is scheduled to announce its Q3 FY25 earnings on January 29, 2025.
Technically, support on the counter could be seen in the Rs 750-720 range. A decisive close above Rs 820 level is required for further upside.
"Rs 740 would act as a near-term support and Rs 820 needs to be crossed to confirm an uptrend from hereon," Vaishali Parekh, VP - Technical Research at Prabhudas Lilladher, told Business Today.
"At present, the Rs 750-720 zone is likely to cushion any shortcomings. While a sustainable breach above Rs 820 is likely to trigger fresh long momentum in the counter," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
Tata Motors is bearish on the daily charts with strong resistance at Rs 821, said Sebi-registered research analyst AR Ramachandran.
The expected trading range for Tata Motors shares will be between Rs 750 and Rs 855 for the short term, said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi.
As of September 2024, promoters held a 42.58 per cent stake in the company.