Tata Motors | Near the previous breakout level | Latest stock market news

(3 minutes read)

Stock name: Tata Motors

Pattern: Near the previous breakout level

Time frame: Weekly

Observation: The stock was trading in a range for about 8 months (from January to Sept. 2021) and had broken out of the same with impressive price action, indicating aggressive buying in the counter. Currently it is trading very close to the previous breakout point. If this level is respected and the stock bounces, it can continue its upward journey. However, if the level is not protected, then the price can show more weakness.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) RBI Governor Shaktikanta Das said that the Central bank will soon issue guidelines to make digital lending ecosystem safe and sound. "Big tech's play in finance poses systemic concerns", Das said at an event organised by Financial Express.

2) RITES has secured a contract worth Rs. 364.56 crores from Container Corporation of India. "RITES secured a business for operation and maintenance of shunting locomotives for the period of 10 years from Container Corporation of India for Rs. 364.56 crores," the company said in a regulatory filing.

3) The Bank of Japan maintained ultra-low interest rates and its guidance to keep borrowing costs at "present or lower" levels, signalling its resolve to focus on supporting the economy's recovery from the COVID-19 pandemic. At the two-day policy meeting that ended today, the BOJ maintained its -0.1% target for short-term rates and its pledge to guide the 10-year yield around 0%.