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TVS Motors Company Ltd.

2 mins read
9 October 2024

TVS Motors Company Ltd.

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Technical View

  • TVS Motors has been experiencing a strong uptrend since the Covid-19 lows, with a remarkable surge of 945%.
  • The stock continues to exhibit the characteristics of a market leader.
  • The pattern analysis on the daily timeframe indicates that the price has been trading in a cup and handle pattern following a bullish breakout from an inverted head and shoulder pattern.
  • The former pattern strongly suggests a trend reversal, while the current pattern indicates potential signs of trend continuation.
  • The development of the cup handle pattern also indicates further accumulation by savvy investors to reinforce its primary trend continuation.
  • The stock demonstrates low volatility and improving EPS and relative strength compared to the market, and the demand from buyers is a positive sign.
  • The RSI across daily and higher timeframes is trading well above their medians, indicating momentum in the price.
  • Our recommendation is to buy TVS Motors at the current market price for a target of 2870 with a protective stop at 2359.
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