Tata Technologies Ltd - Breakout Opportunity
Date: 21-Aug-2024
LTP: Rs. 1,025.45
Next Resistances: (1) Rs. 1,073 --> (2) Rs. 1,115 --> (3) Rs. 1,147 --> (4) Rs. 1,179
SL: Rs. 970 on daily close basis
Technical View:
•
TATATECH is going through down trend since it's listing in Nov-2023.
• After touching the high of 1,400 on listing day,TATATECH has retraced 31% to 970.10 level.
• On 21-Aug-2024,TATATECH has broke out from it's 9 month old down trend with higher than average volume.
•TATATECH is trading above 20 DMA and 50 DMA. On 16-Aug-2024 it has closed above 20 DMA and on 21-Aug-2024 it has closed above 50 DMA.
• RSI is already in buy zone and trading at 64.
• MACD has already crossed over it's signal line and about to cross 0 line.
• Looking good to start an uptrend from here onwards.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 1,025.45
Next Resistances: (1) Rs. 1,073 --> (2) Rs. 1,115 --> (3) Rs. 1,147 --> (4) Rs. 1,179
SL: Rs. 970 on daily close basis
Technical View:
•
TATATECH is going through down trend since it's listing in Nov-2023.• After touching the high of 1,400 on listing day,
TATATECH has retraced 31% to 970.10 level.• On 21-Aug-2024,
TATATECH has broke out from it's 9 month old down trend with higher than average volume.•
TATATECH is trading above 20 DMA and 50 DMA. On 16-Aug-2024 it has closed above 20 DMA and on 21-Aug-2024 it has closed above 50 DMA.• RSI is already in buy zone and trading at 64.
• MACD has already crossed over it's signal line and about to cross 0 line.
• Looking good to start an uptrend from here onwards.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Comment
27-Aug-2024
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LTP: Rs. 1,099.40
1st resistance of 1,073 reached. 7% up from suggested level.
Comment
08-Sep-2024
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LTP: Rs. 1,112.65 (on 6-Sep)
2nd resistance of 1,115 reached. 9% up from suggested level.
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