By Bharti Navlani
MUMBAI (Commodity Online): Tata Motors has given a rise of almost 44 % in Oct month, from 145 to 208, in expectation of good demand due to festive season but now a minor correction is expected from the current level of 194 which can drag it to the level of 175.
Tata Motors today gave a gap down open at 195 but subsequently some buying was seen in stock which lifted it to the high of 202.45. However stock was not able to sustain on higher level and a sharp fall was seen after its monthly sales figure came out and it closed at 194 down by 2.5%.
Tata Motors total sales (including exports) in October 2011 were 68009 vehicles, higher by 5% over October 2010. The company’s domestic sales of Tata commercial and passenger vehicles for October 2011 were 63838, higher by 9% over 58806, sold in October last year.
Cumulative sales (including exports) for the company for the fiscal are 467669, a growth of 5% over 444869, sold last year.
Investors in buying positions can exit for the time being and renter on the level of 175 as overall it is in uptrend only but a correction of 10% is due.
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Courtesy: www.makemystocks.com
