Buy Tata Motors on declines, could head towards 325: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com shares his views about Tata Motors.

ET Now: How do you propose traders to trade in and out of Tata Motors?

Mitesh Thacker: The medium term of trend has still maintained over here. If you look at the price momentum which the stock showed towards the end of February and March, it was a good consolidation between the range of 295 to about 265 before we finally got a break out above that with the JLR IPO news coming into play.

Any declines to 300 to about 296-297 just beyond the breakout level should be used to now buy into it. The risk reward equation could be very good because than you just have to place a stop below 288 and look for a price target of 325 on the upside. So, just wait for this correction to possibly give some more gains and that could be a good buying opportunity.