Tata Motors, Bajaj Auto, Hero Moto: Key resistance and support levels for these buzzing stocks

Domestic stock indices gave up most intraday gains to settle flat on Tuesday. The fag-end selling was seen ahead of the kick start of India Inc's Q3 earning season later this week. The BSE Sensex added 30.99 points, or 0.04 per cent, to settle at 71,386.21. The NSE Nifty gained 31.85 points, or 0.15 per cent, to end the day at 21,544.85.

A few auto stocks namely Bajaj Auto Ltd, Hero MotoCorp Ltd and Tata Motors Ltd are likely to be in focus today. Here is what Santosh Meena, Head of Research at Swastika Investmart has to say on these stocks ahead of Tuesday's trading session:

Bajaj Auto | Resistance: Rs 7,300 | Support: Rs 7,000
Bajaj Auto is currently encountering resistance at Rs 7,300 level, signaling a potential pause in its recent strong uptrend. The presence of a notable red candlestick at the peak suggests a short-term slowdown in the upward movement. The immediate support stands at Rs 7,000, a psychological level, and a critical zone at Rs 6,700–6600, aligned with its 20-day moving average (20-DMA). For the bullish trend to continue, the stock must overcome the Rs 7,300-mark convincingly.

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Tata Motors | Resistance: Rs 880 | Support: Rs 750
Tata Motors is currently consolidating in the Rs 770–800 range, shaping a Flag formation that is indicative of a potential upward momentum. A break above the 800 level is likely to trigger renewed buying interest, with the next target at Rs 880 level. The Rs 750-mark aligns with the 20-day moving average (20-DMA) and serves as a robust support. A dip below Rs 750 may prompt profit booking. Observing the stock's behavior around these levels is crucial for anticipating potential shifts in its price action.

Hero MotoCorp | Resistance: Rs 4,400-4,750 | Support: Rs 4,000-3,950
Hero MotoCorp stock has successfully surpassed its multi-year resistance of Rs 4,100 in a classic bull cycle. Notably, it found support at the 20-day moving average (20-DMA), reigniting bullish momentum. The immediate target stands at Rs 4,400, with a subsequent target of Rs 4,750 is anticipated. A robust demand zone is evident in the Rs 4,000–3,950 range.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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