TVS Motor may soon cross Rs 1,000-mark; chart strongly in favour of bulls

In the past, the stock had soared up to 7-fold on two instances, a similar trend seems to be playing on the long-term charts currently.

Shares of TVS Motor Company hit a new historic peak at Rs 886.30 on July 01, 2022, and have so far rallied 33 per cent on a YTD (year-to-date) basis. In May alone, the stock has soared 15 per cent .

According to the technical analysis, shares claiming new all-time highs are said to possess strong underneath strength, robust momentum and an attractive volume, as everyone wants to grab a piece, hence highly preferred among the investors.
 

Technically, sustainability over Rs 806, its previous peak, augurs well for the stock and opens the door for its next rally. With the current breakout, the positive bias is signalling at a medium-term price target of Rs 1,050, according to the daily and weekly charts.  

Going ahead, the range of Rs 750 - Rs 700 now becomes the crucial support area and can be considered for an opportunity to accumulate the stock, if at it shows any retracement.

In the past too, the stock grew multi-fold in the late 2015 to early 2018 perios; prior to which a similar trend was seen between 2013 to 2015. During both the periods the stock grew in the range of 4-7 fold. A similar scenario seems to be emerging on the current chart formations, for a long-term outlook. CLICK HERE FOR THE CHART