Tata Motors takes the lead among Nifty companies, experiencing a remarkable 4% surge in its share price to reach Rs 783 during afternoon trading. This achievement solidifies Tata Motors as the first Nifty company to witness a doubling of its share price in the current year, concluding the last trading session on a high note.
The bullish momentum driving Tata Motors’ stock is attributed to a robust outlook for Jaguar Land Rover (JLR), a gradual transition toward electric vehicles, and increasing demand for SUVs fueled by rising disposable incomes.
Gaurav Bissa, Vice President at InCred Equities, highlights the stock’s significant performance, noting an 8-year breakout on the monthly charts around the 550-560 levels.
Tata Motors has demonstrated strong outperformance compared to its counterparts in the four-wheeler segment. While short-term traders are advised to capitalize on current gains, the long-term targets indicate potential growth, with a cluster count target on point and figure charts placing it around 900 levels.