Tata Motors shares hit a 52-week high – Tata Motors share price: The stock has gained approximately 72% year to date (YTD) and 58% in a year. The share price rose today after index provider MSCI added nine stocks, including Tata Motors, to its index.
Tata Motors shares rose 2.03 percent in Thursday trading to a one-year high of Rs 685.25. On a year-to-date (YTD) basis, the stock has gained approximately 72% and 58% in a year.
The share price rose today after index provider MSCI added nine stocks, including Tata Motors, to its index.
Tata Motors shares hit a 52-week high, with the stock increasing by more than 70% by 2023; what’s next: Rs 750 or 650?
Separately, the automaker’s stock has been rising ahead of Tata Technologies’ initial public offering (IPO), which is set to begin on November 22.
The price band for the Tata Group’s first IPO in nearly two decades has been set at Rs 475 to Rs 500 per share.
The initial public offering (IPO) would include an offer for sale (OFS) of up to 6.09 crore shares from existing shareholders, including Tata Motors. Anchor investors can submit bids on November 21, while retail investors can submit bids between November 22 and November 24.
Analysts remained largely bullish on Tata Motors. Two of them stated that the counter has immediate resistance near Rs 700. A decisive close above the mentioned level will only push the stock higher. One analyst also predicted that the stock could reach Rs 900-1,000 in a year.
Tata Motors was chosen as a long-term bet by Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services. “The stock could reach Rs 900-1,000 in a year.” For risk management, maintain your stop loss at Rs 525.
“The stock has given a decent pullback to improve the bias and is on the verge of a breakout,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. The next visible target is near Rs 705 and further strength could push the price to Rs 740. Near-term support would be around Rs 634.”
“Tata Motors is in a well-established bull run,” said Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers. As we move forward, Rs 700 will act as resistance, with support expected near Rs 666. If the counter fails to break through the Rs 700 resistance zone, it may experience a correction.”
“Tata Motors is bullish on daily charts, with next resistance at Rs 690,” said AR Ramachandran of Tips2trades. In the short term, a daily close above this resistance could lead to a target of 720. The support level will be Rs 671.”
Promoters owned 46.38 percent of the company as of September 2023. Around 10.91 lakh shares were last seen changing hands on the BSE today. The volume was greater than the two-week average of 6.65 lakh shares. The counter’s turnover was Rs 74.13, with a market capitalisation (m-cap) of Rs 2,26,634.43 crore. For more information click here
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