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Wednesday, December 22, 2010

Tata Motors: Resistance Too Strong


TATA MOTORS Daily NSE Stock Chart Technical Analysis:

Tata Motors made a weak rise today and remained bound in a very short range.

Market Outlook:
  • The price faced very strong resistance at 1371 today and failed at the attempt to rise above it.
  • There is a good chance that the price will start falling, don't get into this one right now, unless you are looking for opportunities to short.
  • When it starts to fall, the target for shorting would be around 1270.

Technical Indicators: 
  • There is a long term line of resistance prohibiting price rise.
  • The price tried to break through this resistance line today as well as 4 days ago, and failed on both attempts.
  • There was a Doji formation yesterday and a small range bound trading today.
  • The price is very well into oversold levels.
  • All indicators point downwards at the moment, the stock is ready to fall towards its support.

TATA MOTORS Daily NSE Stock Chart Technical Analysis

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