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Tata Motors corrects over 7% in five days

23 Aug 2022 , 12:24 PM

Shares of the auto major have fallen 7.46% in five trading sessions from its recent closing high of Rs 489.70 on 16 August 2022. On the BSE, 3.92 lakh shares were traded in the counter so far compared with average daily volumes of 6.61 lakh shares in the past two weeks. The stock hit a high of Rs 457.55 and a low of Rs 447.75 so far during the day. The stock hit a 52-week high of Rs 536.5 on 17 November 2021. The stock hit a 52-week low of Rs 268.5 on 24 August 2021. The stock had underperformed the market over the past one month, rising 0.81% compared with 5.11% rise in the Sensex. The scrip had also underperfromed the market in past three months, jumped 7.48% as against Sensexs 7.97% rise. However, the counter had overperformed the market in past one year, soaring 63.62% as against Sensexs 5.51% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 45.882. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 438.49 and 433.57, respectively. These levels will act as crucial support zones in near term. Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. The auto major reported a consolidated net loss of Rs 5,006.60 crore in Q1 FY23 as against a net loss of Rs 4,450.92 crore in Q1 FY22. Revenue from operations increased 8.3% YoY to Rs 71,935 crore in Q1 June 2022. Powered by Capital Market – Live News

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