TMPV | Downtrend Intact — Liquidity BelowTata Motors Passenger Vehicles LtdNSE_DLY:TMPVBigBeluga By analyzing the 🇮🇳 #TMPV (Tata Motors Passenger Vehicles) chart on the 4H timeframe, we can see that the stock remains firmly within a downtrend. Every corrective rally has been sold, and the most recent bounce into supply just gave sellers their next opportunity to press price toward the liquidity below. 📊 4H Timeframe On the 4H, the structure is clearly bearish — price has been printing bearish BOS after bearish BOS on the way down. The most recent corrective rally carried price back up into the Order Block (₹402 – ₹412 region), a deep pullback into supply — and price rejected right from it, rolling over immediately exactly as a bearish OB should behave. With price now trading around ₹336.30, the draw is clearly to the downside. Below sits the sell-side liquidity (SSL) at ₹294.35 — the weak low that price is being pulled toward. My expectation is a continuation lower to run that liquidity, since it represents the unprotected low the market wants to sweep. The entire bearish thesis stays valid as long as price holds below the Protected High at ₹449.20 — a level price should not approach while the trend remains down; only a decisive break above it would flip the structure bullish. 🎯 The Bias My base case is bearish continuation. Price rejected cleanly from the Order Block, the downtrend is intact, and the clear draw on liquidity is the weak low (SSL) at ₹294.35. In my view, as long as TMPV stays capped below the Protected High (₹449.20), every rally into supply remains a selling opportunity rather than a reversal — the market is hunting the liquidity resting below, and the path of least resistance points lower. 📰 Fundamental Backdrop The bearish structure lines up with a genuinely weak fundamental picture. TMPV — the standalone passenger-vehicle entity created from the Tata Motors demerger in October 2025, which also holds Jaguar Land Rover (JLR) and the electric business (TPEM) — recently plunged to a fresh 52-week low near ₹308.65, dropping over 10% in a single week amid heavy selling pressure. The pressure is fundamental as much as technical: the company's most recent quarter saw net profit fall sharply year-on-year, and it raised passenger-vehicle prices by up to 1.5% from July 1 to offset rising input costs and inflation — a sign of margin strain. Compact-vehicle sales have dipped, and the stock carries a high beta (~1.54), meaning it tends to fall harder than the broader market when sentiment sours. There is a longer-term bull case worth respecting — TMPV commands a dominant ~66% share of India's EV passenger market, is investing ₹16,000–18,000 crore in EVs by FY30, and is executing an "AI-first, Green Mobility" roadmap with new launches like the Sierra.ev — but with the next earnings not due until early November and no near-term catalyst, the chart and the fundamentals point the same way: toward a test of the lows. This analysis will be updated as the market evolves. If this breakdown added value, drop a like 👍 and a comment 💬 to support the work — and share where you see Tata Motors heading next! Best Regards, BigBeluga 🐳