Udaan - Buy Tata Motors Ltd :: Edelweiss

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Riding the xenon, in the safari with zest, the nano stock is having the ace cards trading at Rs.566; registering the all the high of Rs.568.70. The stock has multipled by 2.4 times since the close of 2011 from Rs.164 to Rs.568.

Prices are moving in a rising channel formation shown in the bar chart below. The daily chart has given a breakout from a four month rectangle pattern. The slope of the 34 EMA is rising and the medium term MACD indicator has given bullish crossover above the zeroline which indicated strong bullish momentum. Post the breakout in its all time high territory, we expect the stock to continue its bullish momentum in the medium term.

The Point & Figure (P&F) chart is showing a bullish breakout where the recent X-column has breached above the high of the prior X-column at 551, and convincingly close above the breakout level.

LINK
https://www.edelweiss.in/research/Udaan--Buy-Tata-Motors-Ltd/10005472.html