Tata Motors shares: Tata Motors Ltd is expected to announce its second quarter results for FY24 on 2 November 2023. But ahead of the Tata Motors Q2 2023 results, shares of the Indian auto major came under selling heat during Monday’s deals.
The share price of Tata Motors today opened at ₹643.80 per share on NSE, but soon slipped into the negative zone after a profit-reserving trigger. Within minutes of the stock market’s opening bell today, Tata Motors shares hit an intraday low of ₹621.85 on NSE, losing about 3 percent during Monday’s session.
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Tata Motors share price outlook
Advising the ‘buy on dips’ strategy to Indian stock market investors, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Tata Motors shares are in base-building mode ahead of Q2 results 2023. However, before drifting in the range -linked mode, Tata Motors shares witnessed sharp further movement in FY24 as it increased from around. ₹400 to ₹625 per levels in FY24. After an increase in sales of car companies in recent times and a turnaround in JLR numbers in recent months, market is expecting strong Q2 names from Tata group company. So, this dip should be seen as a buying opportunity by positional investors.”
“Markt expects Tata Motors Ltd’s strong performance to continue in the October-December 2023 quarter as Diwali sales will decline in this quarter and car companies are expected to benefit from an increase in demand due to festival shopping,” said a Profitmart Securities expert.
Arun Kejriwal, Founder of Kejriwal Research and Investment Services said, “Tata Technologies IPO is expected to hit primary markets during October to December 2023 quarter and it may become available in secondary market also in this quarter. As Tata Technologies IPO is completely OFS in nature and Tata Motors Ltd is a promoter company of Tata Technologies Ltd, net proceeds from the upcoming IPO will go into the balance sheet of Tata Motors Ltd. Therefore, market expects some additional profit for the financial of Tata Motors Ltd once Tata Technologies IPO hits mainstream market of India.”
Tata Motors share price target
Expecting further improvement in Tata Motors shares, Ganesh Dongre, senior manager — Tehnical Research at Anand Rathi said, “Tata Motors shares have given two continuous breaks in monthly chart at. ₹530 and ₹600 levels. The stock is still holding up ₹600 levels and it still looks positive on monthly chart. Those who have Tata Motors shares in their portfolio can hold the share with a trailing stop loss at ₹600 per level while fresh investors can also buy shares of Tata Motors at current market price by keeping a stop loss at ₹600 per share levels.”
Anand Rathi expert said Tata Motors stock can go up to ₹680 levels if it supports above ₹600 levels. He went on to add that in violation of the ₹680 hurdle decisively, it can go up to ₹720 per share.