Looking at the recent developments, another leg of 200-300 points (22,700-22,800) rally on the Nifty 50 could be seen on the cards under favourable scenarios.
Tata Motors formed long bullish candlestick pattern on the daily timeframe after a decisive breakout of horizontal resistance trendline adjoining highs of February 5 and February 16, with above average volumes.
Indicators have lost the momentum and moving downwards for the index on the daily chart and therefore it would be advisable to take aggressive longs only above the crucial resistance of 22,000-22,100 in the Nifty.
As per shareholding pattern till December 2023, Rekha Jhunjhunwala holds 11.24 percent stake in NCC