persistenttrader
Short

TATAMOTORS (NSE INDIA) good short

NSE:TATAMOTORS   TATA MOTORS LTD. INR 2
5 months ago
This analysis is based on Elliott Wave theory.

TATMOTORS has completed a 5-wave impulse structure on weekly. The 5th of the 5th wave is ending diagonal clearly visible on 15-minute chart (pls see below).
So:
short near 468
stop loss 472
target near 444 per 15-minutes chart / between 425 and 375 per weekly chart

Position initiated yesterday at 466 spot/468.3 current month future
Today's update: stop loss lowered to 462

15-minute chart:
snapshot
5 months ago
Trade closed: target reached: TARGET ACHIEVED...!!!
TATAMOTORS made a low of 444.5; position closed.
PROFIT = 468.3-447 (JUN future price for closing) = 21.3 points
Profit of INR 31,950 on margin of ~INR 120,000 i.e. 26.6% in 6/9-6/13 = 5 days!!!
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