Tata Motors | Triangle pattern | Latest stock market news

(3 minutes read)

Stock name: Tata Motors

Pattern: Triangle pattern

Time frame: Daily

Observation:

The stock has been in a consolidation for about a year now and has recently formed a triangle pattern in the daily time frame. The stock is very close to the resistance of the pattern and if we see a breakout of the same, we can see some good up-move in the counter. We can see high volumes with green candles in the recent days as well, which gives a bullish bias.

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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) Q3 results update: Shoppers Stop
Consolidated revenue 19% up YoY
Consolidated PBT 9% down YoY
OPM at 19%, highest in last few quarters


2) Tata Motors share price gained about 3% today. The company said yesterday it is delisting its American Depositary Shares from NYSE voluntarily, effective close of trading on 23 January.

3) Shares of about 200 of India’s biggest listed companies are set to move to a faster settlement cycle from 27 Jan, making India the second market after China to switch to the T+1 system.

4) Amara Raja Batteries, Arvind, Bajaj Auto, Bikaji Foods, Blue Dart, Ceat, Chennai Petro, Cipla, Dixon Tech, DLF, Dr. Reddy’s labs, e-Mudhra, IGL, Indian Bank, Jindal Saw, Jyothy labs, Patanjali foods, Solar Industries, Tata Elxsi, Tata Motors, VIP Industries and VST are amongst companies which will post their quarterly results tomorrow.

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