Likely target: 12,500
Upside potential: 4%
Technically, the breakout line becomes the support and when it breaks, it becomes a resistance. So is the case with the Auto Index. The level of 11,000 holds a key, and the index firmly holds it. The recent slide saw bullish accumulation and even witnessed a smart recovery around the same mark. Now, any up move above 11,900 could witness a robust breakout towards a new all-time high of 12,500. CLICK HERE FOR THE CHART
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Likely target: Rs 550
Upside potential: 9%
Yes, it is true that shares of Tata Motors struggled to overcome the hurdle of Rs 525 successfully. However, every dip near Rs 450 witnessed aggressive accumulation, shows the weekly chart. Thus, the current sideways movement in the recent day’s show intent to hit this hurdle and upon conquering, a conclusive breakout could lead to Rs 550. CLICK HERE FOR THE CHART
TVS Motor Company Limited (TVSMOTOR)
Likely target: Rs 750
Upside potential: 10%
TVS Motor Company defended the support of the 200-day moving average (DMA), placed at Rs 614.80 level. At present, the stock is making an effort to breakout of “Double Bottom” formation supported with the Moving Average Convergence Divergence (MACD), which rose above the zero line. This momentum hints of a positive upside to Rs 750 level, according to the daily chart. The immediate support for the stock comes at Rs 650 level. CLICK HERE FOR THE CHART
Hero MotoCorp Ltd (HEROMOTOCO)
Likely target: Rs 3,070
Upside potential: 9%
The shares of Hero MotoCorp are breaking out of the “Inverse Head and Shoulder”, simultaneously overcoming the resistance of Rs 2,781 level, its 50-weekly moving average (WMA), which it failed to cross since July, 2021. The breakout has a support of volumes, witnessing a gradual rise, according to the weekly chart. The uptrend might see resistance at Rs 3,070 level, up 9 per cent from the current price. CLICK HERE FOR THE CHART
Bajaj Auto Ltd (BAJAJA-AUTO)
Likely target: Rs 4,000
Upside potential: 9%
The “Inverse Head and Shoulder” breakout heads toward the Rs 3,708 level, its 200-DMA. And as long as the support of Rs 3,450 is held on a closing basis, this stock could overcome the 200-DMA easily. The next resistance comes to Rs 4,000-mark, according to the daily chart. CLICK HERE FOR THE CHART
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