What a week for the TATAMOTOR’S , gained more then 20% in last 5 days. Well , what a rosy picture ain’t it? But we see this move as a bull trap, why because of the following reason. Negative reversal formation at RSI 60 and Volume shying away as price rising.
Hence we assume price might face a very stiff resistance at 360 levels which is just 3 points away from the CMP and below 340 it might further fall till 324 levels. But above 362 Tatamotor’s might further move high till 378-90 levels. If you short Tatamotors keel 361 as a SL
Nishant Bali, CMT