Five sectoral indices are trading green led by Nifty IT and Realty; However, Nifty Auto is also not far behind as it is among the top three performing sectors of the day. Within the auto sector, one stock that has attracted attention is TVS Motors.
TVS Motors stock rose nearly 4% and was among the top two gainers in the auto sector. The stock opened at Rs 1084.45 level and after that, there was no looking back for the stock as it went from strength to strength. Currently, it is trading near the high of the day and above the 1120 mark, where the highest open interest is seen on the call side.
From a technical perspective, the stock has seen a bullish crossover to the moving averages as the 20-DMA crossed the 50-DMA. And, the stock is trading above its long-term moving average ie 200-DMA. Going forward, a sustain above the Rs 1120 level will help the stock to reach the Rs 1180 level in the medium term.
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