TVS Motor (573.45 closed at the NSE): Buy; stop-loss on closing price basis below 550.
Target for the next 5 weeks 630 – 650.
Prior to that 600 would be a resistance point to watch out for. Immediately, the range between 571 and 564 would act as a significant support zone.
There has been a huge change in open interest (OI) with a price-volume breakout in the futures segment: July Fut OI went up by 12.33%, in absolute numbers the addition had been 640,000 shares making the total tally of net outstanding at 5,830,000 shares. This definitely augurs well for the bulls.
On last Friday, the July Fut of TVS Motor also closed @573.50 at the NSE. Thus, the levels are the same for both. Market Lot at the NSE – 2000 shares.
This is a pure technical call for short term; however, its chart suggests people can go for medium term investment here as well. Stop-loss in all cases should be on a close below 550.