Tata Motors share price declined for the third successive session on Monday, reflecting a market-wide slump in Indian equities. The company sold 562,468 units in 2024, up by 2% from the 2023 figures. However, its electric vehicle (EV) sales remained flat, limiting its upside in a fast-growing market.
Multiple Offence on Tata Motors Share Price
Indian equities markets have struggled in recent weeks, with the benchmark Nifty 50 Index on a four-session losing streak and at seven-month lows as of this writing. That has catalysed a bearish sentiment in the market, affecting the stocks of otherwise stable companies.
Generally, however, Tata Motors has struggled in the last year, with its gains in the last year at a paltry 1.4%. This resonates with its sales performance in 2024, meaning that the company will have to up its performance this year. Also, it adds selling pressure on TATAMOTORS stock, which could extend the downward trajectory.
In an effort to raise its sales figures, Tata Motors has signed a Memorandum of Understanding (MoU) with Saraswat Bank to provide its customers with financing options. The arrangement will see the bank offer competitive interest rates for purchasing vehicles with internal combustion engines or electric vehicles.
Tata Motors Share Price Prediction
Tata Motors share price is likely to pivot at Rs 758.95 and the momentum indicator signals the likely continuation of the downside. That will likely establish the first support at Rs 744.45. However, a stronger downward momentum will break that support and could take the stock lower to test Rs 727.45.
On the other hand, moving above Rs 758.95 will shift the momentum to the upside. If that happens, the stock will likely move upward to encounter the first resistance at Rs 775.25 An extended control by the buyers will breach that barrier, and could extend gains to test the next hurdle at Rs 789.30.
The post Tata Motors Stares At An Extended Decline As Sentiment Turns Sour appeared first in UK on InvestingCube.