Technical Outlook & Trading Strategy:-
The key observation to be made is that the price of TVS MOTOR has formed a head and shoulder pattern on the Daily charts.
A breakdown from the said pattern would be confirmed when the price breaks below the neckline level of Rs 57.8 levels.
The momentum indicator is also in sell mode. The prices of TVS MOTOR will face severe selling pressure once it starts trading below the neckline level of Rs 57.8 levels.
We recommend traders to sell in the range of Rs 57.5 – Rs 58 levels with a stop loss placed above Rs 60.6 levels for targets of Rs 54.5 – Rs 52 levels, expected to be achieved in coming few Sessions.
