Tech query: Tata Motors-DVR reverses down from key hurdle
Jitendra K Sarawgi
Tata Motors-DVR (₹123.4): Since bottoming out in March 2020 after registering a 52-week low at ₹28, the stock of Tata Motors-DVR has been on an intermediate-term uptrend. It has delivered good returns since the March low.
In January this year, the stock breached a key long-term resistance at ₹80 and continued to accelerate, thereafter breaching another resistance at ₹100. However, it recently encountered a resistance at around ₹140 and began to correct. The stock declined 6.3 per cent last week, and has formed a bearish engulfing candlestick pattern on the weekly chart that has short-term bearish implications.