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Tata Motors, DLF, SBI Cards: What should be your strategy amid Q3 results

Tata Motors, DLF, SBI Cards: What should be your strategy amid Q3 results

Tata Motors is forming an Inverse Head and Shoulders pattern, with a long consolidation and a Triangle breakout on the longer time frame. It retested its previous breakout level at around Rs 370 level.

DLF is forming a right shoulder of the Head & Shoulder pattern on the weekly chart. It has been in a long consolidation over the last few days. DLF is forming a right shoulder of the Head & Shoulder pattern on the weekly chart. It has been in a long consolidation over the last few days.

Domestic stock indices settled flat on Wednesday, wiping out the entire intraday gains amid selling pressure in select benchmark indices. The BSE Sensex added 37 points, or 0.06 per cent, to settle at 60,978.75. The Nifty index settled the day flat, unchanged, at 18,118.30.

Select stocks such as Tata Motors, DLF and SBI Cards and Payment Services, were on traders' radar amid the flat session at the Dalal street. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on the three stocks ahead of Wednesday's trading session:

Tata Motors | Buy above Rs 430 | Target Price: Rs 454 | Stop Loss: Rs 397

On the daily chart, the counter is forming an Inverse Head and Shoulders pattern, with a long consolidation and a Triangle breakout on the longer time frame. It retested its previous breakout level at around Rs 370 level. On the upside, it is encountering resistance near Rs 430 level. The momentum indicators RSI (relative strength index) and MACD (moving average convergence divergence) are negatively placed. On the upside, Rs 430 is the important resistance level, above which one can expect the 454 level in the near term. On the downside, the Rs 397 level is the major support.
 
DLF | Buy | Target Price: Rs 380-400 | Stop Loss: Rs 340

Technically, DLF is forming a right shoulder of the Head & Shoulder pattern on the weekly chart. It has been in a long consolidation over the last few days. The momentum indicator RSI is trading below the 50 mark, with a negative bias. MACD is witnessing a centerline cross down. On the upside, the Rs 380 level will be an immediate hurdle, but the Rs 400 level looks like an imminent target in the near term. On the downside, the Rs 360 level is a strong support level, below which one can expect the Rs 340 level during any correction.

SBI Cards and Payment Services | Reduce | Target Price: Rs 725-707 | Stop Loss: Rs 800

The primary structure of the counter is continuously following the downtrend. In the last trading session, SBI Card broke a neckline support with strong volume. The stock is trading below all of its moving averages, which is also a negative sign for the counter. On the downside, the Rs 725 level is the critical level. Below this level, one can expect a free fall until the Rs 707 level. On the upside, the Rs 800 level is an immediate susceptible area.
 
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

Also read: Persistent Systems, Nalco, Havells to go ex-dividend; Tata Motors, Bikaji Foods, Patanjali Foods Q3 results today

Also read: SGX Nifty down 35 points: Asian markets, dollar movement, Q3 earnings, FPI flows & more

Published on: Jan 25, 2023, 8:06 AM IST
Posted by: Mehak Agarwal, Jan 25, 2023, 8:02 AM IST