Chart Check: Breakout from inverse head & shoulder pattern makes Tata Motors an attractive buy; here’s why

Experts suggest that Tata Motors’ recent breakout from an inverse head and shoulder pattern on the daily charts indicates room for the stock to head towards Rs 535 in the next 2 months. The stock is trading below 5 and 10-DMA but above 30, 50, 100, and 200-DMA on the daily charts. Traders can buy the stock on dips for a possible target above Rs 500-600 in the next 2 months. The RSI readings on a weekly and daily basis are higher than the 60-point cutoff, and if the stock maintains above Rs 535, it is likely to rise to Rs 584.