Tata Motors share price is expected to remain range-bound in between Rs 100 to Rs 130. Today, the auto counter has made a lower break-out of Rs 114. Experts are now telling investors to buy Tata Motors share for around 7 per cent returns in two-months time. Currently, Tata Motors counter is oscillating around Rs 114 and market experts are advising investors to take a buy position at around Rs 112 for the first target of Rs 122.
Speaking on the technical chart of the Tata Motor share SEBI registered technical equity expert Simi Bhaumik said, “Though there has been some negative news in regard to the Tata Motors company, the technical chart is still strong and there are very few chances for the counter to go below. In fact, it is facing strong resistance at around Rs 122 and is currently oscillating in the range of Rs 110 to Rs 122.”
Suggesting a buy call on Tata Motor share at around Rs 112, Prakash Pandey, MD and CEO at Plutus said, “If we talk in a broader perspective, the Tata Motors share is trading range-bound between a broad range of Rs 100 per stock to Rs 130. It has strong resistance at Rs 122, once it breaks these levels, it may soon show Rs 130 per stock levels too. But, in my opinion, stock market investors should take a buy position in Tata Motors at around Rs 112 and book profit at Rs 122 per stock levels. But, they must maintain a stop loss at Rs 107 while taking a buy position in the Tata Motor shares.”
Pandey said that there are some debt issues affecting the financials of the auto major but it won’t have much effect on the share price. He said that in one and a half to two-months’ time, Tata Motors share would show Rs 122 per stock levels and stock market investors taking a buy position now should book profit immediately.