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There are a few different pivot points for Tata Motors, depending on the calculation method used. Here are the most common ones:
Standard pivot point: This is the most basic type of pivot point, and it is calculated using the previous day's close, high, and low prices. The pivot point is the average of these three prices. For Tata Motors, the standard pivot point on January 2nd, 2024, was ₹789.13.
Fibonacci pivot points: These pivot points are calculated using a series of Fibonacci ratios. The first pivot point is the previous day's close, and the other pivot points are calculated by multiplying the previous day's range (high minus low) by certain Fibonacci ratios. For Tata Motors, the Fibonacci pivot points on January 2nd, 2024, were ₹764.13, ₹749.26, and ₹734.39.
Camarilla pivot points: These pivot points are similar to Fibonacci pivot points, but they use a different set of ratios. The Camarilla pivot points are also more complex to calculate, and they are not as widely used as standard or Fibonacci pivot points. For Tata Motors, the Camarilla pivot points on January 2nd, 2024, were ₹774.26, ₹764.13, and ₹754.00.
Pivot points can be used to identify potential support and resistance levels for a stock. For example, if the price of Tata Motors breaks above the pivot point, it could signal that the stock is bullish and could continue to rise. Conversely, if the price breaks below the pivot point, it could signal that the stock is bearish and could continue to fall.
It is important to remember that pivot points are not foolproof indicators, and they should not be used as the sole basis for making investment decisions. However, they can be a useful tool for technical analysts who are trying to identify potential trading opportunities.
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