TVS Motor tests ₹3,740 support as the correction deepens

TVS Motor closed near ₹3,867 after testing ₹3,742 intraday. The lower wick shows some buying near support, but the stock remains in a clear corrective move from the August highs above ₹4,400.

Price is below the declining 20-day average at ₹4,063 and the 55-day average near ₹4,196. This places both moving averages overhead as resistance. MACD is below its signal line and below the zero line, while the negative histogram continues to widen, confirming bearish momentum. ₹3,740 is the immediate support. A break below it can expose the ₹3,600 area. A recovery above ₹3,900 can provide short-term relief, but the stock needs to reclaim ₹4,063 to meaningfully improve the structure. Two-wheeler demand, export growth, financing conditions and product mix remain important sector triggers.