Tata Motors, Titan, Tata Consumer: How you should trade these Tata Group stocks?

Domestic stock indices bucked muted global cues to settle higher on Wednesday, thanks to all-round buying across all sectors ahead of the RBI's monetary policy outcome. The BSE Sensex gained 350.08 points, or 0.56 per cent, to end the session at 63,142.96. The NSE's Nifty jumped 127.40 points, or 0.68 per cent, to settle at 18,726.40.

Select Tata group stocks namely Titan Company, Tata Motors and Tata Consumer Products are likely to hog limelight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

Titan Company | Range-bound | Resistance: Rs 2,790 | Support: Rs 2,460
Titan Company  shares have been continuously making higher high-low formations post the breakout from previous swing high of Rs 2,791 on the daily chart. However, the stochastic momentum indicator is witnessing a bearish crossover whereas the RSI is showing negative divergence on the daily scale. Overall, there are mixed signals are coming in from the daily charts. Until the stock gives a decisive close above Rs 3,000 level, there is a possibility of range-bound move ahead.

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Tata Consumer Products | Bearish | Resistance: Rs 1,800 | Support: Rs 1,425
Tata Consumer has been hit sharply in the last one week. It formed  a Bearish Engulfing candlestick pattern on the daily chart. The sharp selloff has led the stock to drop towards its key support level of Rs 1,425. Around the similar juncture, the stock has formed a Double Top price pattern, but it needs decisive breakdown to carry this momentum further down. Going ahead, if the mentioned support zone breaches decisively, selling pressure would get extended towards the Rs 1,250 level.
 
Tata Motors | Buy in Rs 560-565 | Target Price: Rs 635 | Stop Loss: Rs 530
Auto stocks have been performing well within the sectorial pack and Tata Motors has been an outperformer from this space in the last few weeks. It has witnessed a bullish move and formed a Bullish Belt Hold candlestick pattern on the weekly chart. The primary indicators are aligned with the trend, suggesting a continuation of the movement in a comparable period. Hence, we recommend buying the stock with a stop loss of Rs 530 and a target of Rs 635.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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