Tata Motors Limited (ADR) (NYSE:TTM) has been trying to form a base at $40 per share for the last 4 weeks after recent correction. This stock has the tendency to bounce back nicely from its lows because of two factors (a) positive results keep coming from Jaguar Land Rover (JLR) unit global sales and (b) very attractive valuation of under P/E 10 for 2015-2016, giving investors adequate safety and no sell off based on over valuation. Tata Motors (TTM) has a solid global franchise, and its own back end integration with Tata Steel for supplying automotive steels, which  help in efficiencies. Our view: Tata Motors (TTM) can be bought at current price of $41-42 for upside targets of $49-50 by Nov 2015, giving 15-20% gain in 6 months.