Tuesday 4 August 2015

Old Analysis (19/2/2015) - An Indian Equity - TATA Motors

Following (chart 1) is the weekly chart of TATA Motors. This chart has been following Elliott wave classic impulse pattern, since the bottom made in 2009. The stock completed wave 1 in  November 2010 and is in wave 3 since  September 2011. Now it appears that wave 3 is either complete at the recent high of 611 or is about to complete. This should be followed by a wave 4 correction.
chart 1
Just for reference below are some old charts that show how well TATA Motors is showing the bullish impulse waves. These are the weekly and monthly charts of TATA Motors (chart 2 and chart 3) that I had analyzed in Mar 2014. Till now it seems to be going beautifully on track.

Conclusion
If the above analysis is correct and TATA motors is about to complete the rally it has been in since 2011, that has implications for NSE Nifty. Since this stock has been one of the leaders for Nifty uptrend, any expected significant correction in this stock would mean a significant correction in Nifty.
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