Tata Motors (Daily Timeframe) Analysis

Chart Pattern & Trend:

• Primary Trend: The stock previously followed a rising channel pattern, peaking near ₹1,176.50. After breaking the channel's lower boundary, it entered a significant downtrend.
  
• Current Trend: Bearish, as the stock has consistently been making lower highs and lower lows.
  

Fibonacci Levels:
The Fibonacci retracement tool highlights key levels:

• 61.8% Level (₹880.35): This level acted as a minor support before breaking down.
  
• 50% Level (₹788.85): The stock is hovering around this level, attempting to stabilize.
  
• 38.2% Level (₹697.40): If the downtrend continues, this could be the next key support.
  
• 23.6% Level (₹584.20): A deeper correction might test this level in a prolonged bearish scenario.
  

Volume Analysis:

• Declining volumes suggest weakening momentum on the downside.
  
• A volume spike at key support levels could indicate buying interest.
  

RSI (Relative Strength Index):

• RSI is in the oversold zone or nearing it, indicating potential for a short-term pullback or consolidation.
  

Key Levels to Watch:

• Resistance: ₹880 (61.8% Fibonacci) and ₹900 are immediate resistance zones.
  
• Support: ₹788 (current level) and ₹697 (38.2% Fibonacci) are critical supports.
  

Potential Scenarios:

• Bullish Reversal: A breakout above ₹880 with increasing volumes could signal the beginning of a recovery.
  
• Continued Bearishness: A breakdown below ₹788 could lead the stock toward ₹697 and ₹584.
  

Trading Strategy:

• For Long Positions: Look for reversal patterns around ₹788 or ₹697, supported by RSI divergence and volume confirmation.
  
• For Short Positions: Consider selling near resistance levels like ₹880 with a stop-loss above ₹900.