Tata Motors share price and other auto sector stocks have been showing upside moves in the last few trade sessions. According to experts, if the stock market today continues to maintain this auto stock rally in the opening bell today as well, then we can expect traders and investors to mint a good amount of money from Tata Motors shares. They said that any dip in Tata Motors stocks in the opening bell, should be a good buying opportunity as the auto stock has good support at Rs 140. So, should buy on dips strategy in Tata Motors share.
Speaking on the Tata Motors Share price forecast, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “Overall Tata Motors share price outlook is bullish as it has a strong support zone till it is in the Rs 140 zone. So, any dip in Tata Motors share price should be seen as a buying opportunity. I would recommend stock market investors and traders to buy Tata Motors share below Rs 150 for the immediate target of Rs 160 and then for Rs 170. But, one must maintain the stop loss below Rs 140.”
Highlighting upon the reason for being so bullish on Tata Motors share price, Sumeet Bagadia, Executive Director at Choice Broking said, “Auto stocks are rising and this trend is expected to continue for two reasons unlock activities taking place at faster rate and Union Minister Nitin Gadkari announcing that he may bring scrappage policy soon.” Bagadia said that in unlocking activities, people are not ready to use public transport and that has fuelled auto sales and in coming times, these are expected to shoot up further.
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Once the scrappage policy gets announced, it will further boost auto sales. So, long-term investors can bet high on the auto stocks and Tata Motors being one of the market leaders in the auto sector, can be a good bet for positional and long-term stock market investors.
Tata Motors share price had a closing of Rs 151 per stock mark on Wednesday.