Tata Motors Share price: The stock fell 1.81 percent on Wednesday, closing at Rs 947.20. Its value has plummeted 11.11% from its one-year peak of Rs 1,065.60, (businesstoday.in) which was reached on March 5 of this year.
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The corrective phase for Tata Motors Ltd shares began when the automaker’s fourth-quarter (Q4 FY24) earnings fell short of Street expectations. The stock fell 1.81 percent on Wednesday, (businesstoday.in) closing at Rs 947.20. Its current value represents an 11.11% decline from its one-year peak of Rs 1,065.60, which was reached on March 5 of this year.
Tata Motors’ Q4 profits, according to Emkay Global, were lackluster, with little margin growth across all divisions even despite increasing volumes. (businesstoday.in) According to Nuvama, the company’s EBITDA and sales are somewhat below projections as a result of lower-than-expected results in the India CV and PV businesses. The order book for Jaguar Land Rover (JLR) decreased from 1,48,000 units in December to 1,33,000 units in March, it was reported.
Tata Motors recorded a consolidated net profit for the March quarter of Rs 17,529 crore, up 45.67 percent year over year (YoY) from Rs 12,033 crore in the corresponding period of the previous year. (businesstoday.in) According to the owner of JLR, the consolidated sales for the quarter were Rs 1,19,986 crore, an increase of 13.3%. The quarter’s EBITDA margin was 14.9%, a 160 basis point (bps) YoY increase.
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Support at the counter on technical setup was shown for Rs 900. Immediate resistance at the upper end might be seen near the Rs 1,000 mark.
“Tata Motors has plunged around 11% from its high of Rs 1,050 in the last couple of trading sessions, with a bearish gap formation on daily charts,” said Osho Krishan, Senior Research Analyst-Technical & Derivatives at Angel One. Due to the recent decline, the technical parameters have undergone a significant adjustment that now settled into a comfortable range. At this point, a drop below Rs 945 is probably going to trigger more weakening towards the 920–910 levels. Thus, for the time being, (businesstoday.in) the counter has to take a realistic approach. On the upper end, there is a sequence of resilience in the Rs 990–995 area, which is followed shortly by the unfilled gap of Rs 1,008–1,030.”
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According to Prabhudas Lilladher’s Shiju Koothupalakkal, Technical Research Analyst, “The stock has been moving within a range for the last two months with tough resistance near Rs 1,050.” Its critical support level is located around Rs 940; if this level is broken, the bias will become somewhat skewed, (businesstoday.in) and the next support level is located around Rs 910. For more upside, a clear rise over the Rs 980–985 levels is necessary.”
Senior Vice-President (Retail Research) Ravi Singh of Religare Broking said, “Tata Motors’ scrip would be supported at Rs 900. Resistance is seen at the level of Rs 1,050.
“Tata motors share price is bearish on daily charts with strong resistance at Rs 977,” (businesstoday.in) said AR Ramachandran of Tips2trades. It may drop to a level of Rs 894 shortly if the daily close falls below the support level of Rs 935.”
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Senior Manager-Technical Research Analyst Jigar S. Patel of Anand Rathi Shares and Stock Brokers stated: “Rs. 910 and Rs. 1,000 will be the support and resistance levels, (businesstoday.in) respectively. A strong closing over the 1,000 mark might lead to more gains up to 1,030. For a month, the anticipated trading range is between Rs 900 and Rs 1,040.
The shares of Tata Motors have increased by 81.79 percent during the last year and 19.82 percent year-to-date (YTD). Nevertheless, (businesstoday.in) the stock became the leading underperformer on Nifty50 today.
Disclaimer: Business Today does not provide financial advice; the news it covers about the stock market is provided only for informative reasons. It is recommended that readers get advice from a licensed financial adviser before making any investing choices. (businesstoday.in)