Tata Motors shares gained 41% in three months; analysts on what is the good level to buy
Tata Motors shares which stood at Rs 437.55 on April 6 closed near its record high of Rs 624.65 hit in the last trading session (July 7, 2023). During the session, the stock also hit an intraday low of Rs 592.25 on BSE. The auto stock has surged 467% in three years.
- Jul 10, 2023,
- Updated Jul 10, 2023 2:01 PM IST
Shares of multibagger Tata Motors Ltd have zoomed over 41% in the last three months, signaling the Tata Group stock is in a bullish trend. The stock which stood at Rs 437.55 on April 6 closed near its record high of Rs 624.65 hit in the last trading session (July 7, 2023). The stock ended at Rs 618.45, up 2.94% on Friday. The stock hit a record high in the last hour of trade on Friday after the firm’s UK arm JLR reported a 30% rise in wholesale volumes for the first quarter at 93,253 units (excluding the Chery Jaguar Land Rover China JV) compared to the corresponding quarter a year ago.
ALSO READ: JLR sales effect: Tata Motors shares hit record high, mcap crosses Rs 2 lakh crore
Tata Motors stock touched an all-time high of Rs 624.65 against the previous close of Rs 600.80 on BSE. During the session, the stock also hit an intraday low of Rs 592.25 on BSE. The auto stock has surged 467% in three years.
In the last session, Tata Motors stock opened flat at Rs 600.80. Market cap of the firm rose to Rs 2.05 lakh crore. Total 16.91 lakh shares changed hands amounting to a turnover of Rs 102.61 crore on BSE. Tata Motors stock hit a 52-week low of Rs 375.50 on December 26, 2022.
In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 74.7, signaling it's trading in the overbought zone. Tata Motors stock has a one-year beta of 1.2, indicating high volatility during the period. Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
ALSO READ: Tata Motors shares hit record high after CLSA raises target price
Here’s a look at what analysts said on the outlook of the stock and at what level the Tata Group scrip can be bought.
Deven Mehata, Equity Research Analyst, Choice Broking said, "The stock was forming higher high higher low formation on charts. Tata Motors is trading at all-time high levels. Currently, the stock is moving above all important moving averages. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. On a weekly time frame the stock has given a breakout of an inverted head and shoulder pattern indicating bullishness. With a Medium term outlook, one can buy Tata Motors at the CMP of Rs 618.20 with a stop loss of Rs 590 for a target price of Rs 650."
Abhijeet from Tips2trades said, "Tata Motors stock price has been bullish but it is also overbought on the Daily charts with next resistance at Rs 656. Investors should book profits at current levels and wait for a dip near the daily support of Rs 545 to buy for better returns. Immediate support will be at Rs 592."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has indicated a fresh strong bullish candle on the daily chart with another higher bottom formation pattern visible and with a breakout confirmed has further upside potential of Rs 650-660 levels with Rs 605 zone as the near term support zone. The RSI has maintained the positive bias with strength indicated and has immense potential for further upside movement."
Watch: Buzzing stocks on July 10, 2023: ZEEL, Olectra Greentech, RIL, SpiceJet, Tata Motors, Gati others
Also read: LTIMindtree shares to turn ex-dividend today; what analysts say on stock
Also read: Reliance Industries shares rose 21% from 52-week low this year; can the stock breach record high?
Shares of multibagger Tata Motors Ltd have zoomed over 41% in the last three months, signaling the Tata Group stock is in a bullish trend. The stock which stood at Rs 437.55 on April 6 closed near its record high of Rs 624.65 hit in the last trading session (July 7, 2023). The stock ended at Rs 618.45, up 2.94% on Friday. The stock hit a record high in the last hour of trade on Friday after the firm’s UK arm JLR reported a 30% rise in wholesale volumes for the first quarter at 93,253 units (excluding the Chery Jaguar Land Rover China JV) compared to the corresponding quarter a year ago.
ALSO READ: JLR sales effect: Tata Motors shares hit record high, mcap crosses Rs 2 lakh crore
Tata Motors stock touched an all-time high of Rs 624.65 against the previous close of Rs 600.80 on BSE. During the session, the stock also hit an intraday low of Rs 592.25 on BSE. The auto stock has surged 467% in three years.
In the last session, Tata Motors stock opened flat at Rs 600.80. Market cap of the firm rose to Rs 2.05 lakh crore. Total 16.91 lakh shares changed hands amounting to a turnover of Rs 102.61 crore on BSE. Tata Motors stock hit a 52-week low of Rs 375.50 on December 26, 2022.
In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 74.7, signaling it's trading in the overbought zone. Tata Motors stock has a one-year beta of 1.2, indicating high volatility during the period. Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
ALSO READ: Tata Motors shares hit record high after CLSA raises target price
Here’s a look at what analysts said on the outlook of the stock and at what level the Tata Group scrip can be bought.
Deven Mehata, Equity Research Analyst, Choice Broking said, "The stock was forming higher high higher low formation on charts. Tata Motors is trading at all-time high levels. Currently, the stock is moving above all important moving averages. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. On a weekly time frame the stock has given a breakout of an inverted head and shoulder pattern indicating bullishness. With a Medium term outlook, one can buy Tata Motors at the CMP of Rs 618.20 with a stop loss of Rs 590 for a target price of Rs 650."
Abhijeet from Tips2trades said, "Tata Motors stock price has been bullish but it is also overbought on the Daily charts with next resistance at Rs 656. Investors should book profits at current levels and wait for a dip near the daily support of Rs 545 to buy for better returns. Immediate support will be at Rs 592."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has indicated a fresh strong bullish candle on the daily chart with another higher bottom formation pattern visible and with a breakout confirmed has further upside potential of Rs 650-660 levels with Rs 605 zone as the near term support zone. The RSI has maintained the positive bias with strength indicated and has immense potential for further upside movement."
Watch: Buzzing stocks on July 10, 2023: ZEEL, Olectra Greentech, RIL, SpiceJet, Tata Motors, Gati others
Also read: LTIMindtree shares to turn ex-dividend today; what analysts say on stock
Also read: Reliance Industries shares rose 21% from 52-week low this year; can the stock breach record high?