Tata Motors shares: Prabhudas Lilladher sees bullish momentum in the medium term

,share price of tata motors A nice correction is observed near the trendline support of the channel pattern on the daily chart after Indicated a pullback with a correction in the 390 zone and bias,” the note from the brokerage house said.

“The chart looks attractive with the Relative Strength Index (RSI) indicator showing a trend reversal from the oversold zone and suggesting further upside potential in the coming days. We suggest an upside target of K. buy and store stock for 450. keeping a stop loss of 388,” said Prabhudas Lilladher.

Tata Motors reported that its total domestic sales grew 44 per cent to 80,633 units in September. The Mumbai-based automaker had dispatched 55,988 units to its dealers in September 2021. The company has registered a growth of 85 per cent in its total domestic passenger vehicle dispatches at 47,654 units last month as compared to 25,730 units in September last month.

Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said the company achieved its highest monthly sales of 47,654 units last month on the back of record sales of Nexon and Punch.

“With the recent launch of Tiago EV, the company has opened new avenues and is poised for mass EV adoption across the country. Going forward, we expect strong retail sales on the back of improving supply in the festive season. vehicle,” he said.

Tata leads India’s EV market, helped by government subsidies and high tariffs on imports, and the company intends to expand its electric PV portfolio from 3 EVs currently to 10 by FY26. The Tiago EV is targeting the existing EV customers who are looking for a small car with premium features.

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