TATA Motors Elliott Wave Analysis

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 Tata Motors Daily chart

Tata Motors hourly chart

From the above daily chart, Tata Motors continue to move in a higher highs and higher lows. Recently, this stock has also given a bullish break in cup and handle pattern. The resistance was around 120 levels which was crossed and made a high of 132.6 levels. The sell off on Friday dragged the gains and it closed at 124 levels.

As per hourly chart, prices are supposed to find strong support at 120-122 levels (shown by horizontal shaded lines). After that uptrend will continue and prices are set to even cross its high of 132.6 in near term. RSI has also relieved from the over bough zone and is set to reverse soon.

From wave perspective, after the triangle pattern, prices are moving in wave c which is impulse in nature. In wave c prices have completed wave i, wave ii and wave iii in an extended form. At present wave iv is ongoing which can be terminated at 120-122 levels and after that wave v higher will start.

The summation is Tata Motors will find support at 120-122 levels which can be utilized as a buying opportunity with support at 114 (closing basis). On the upside that stock can test 134-136 levels.

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