Tata Motors on the verge of a breakout

  • Tata Motors took a sharp upside  move and currently trading around the major resistance at 200 level, where it formed a Flag pattern on the daily chart.
  • The stock has broken down a long-time consolidation range with high volume breakdown gap but managed to fill the break down gap within a short span of time.

  • Strong support is seen around 168 level with no immediate upside resistance.
  • On the indicator front, the stock is well placed above its 21-days moving average.
  • High volume breakout expected on flag pattern which is currently trading around the structural resistance zone with strong momentum.