TATA COMMUNICATIONS - TRADING AT MAJOR SUPPORT ZONESymbol - TATACOMM
CMP - 1388
Tata Communications Ltd. has shown weakness over the past few months, with the overall technical structure indicating a bearish outlook. However, the stock has recently reached a major demand zone, which lies between the 1380-1350 range, a level that has held significant support in previous price actions since 2021. This zone could act as a strong demand area, potentially offering a good trading opportunity at current prices.
The stock has been under selling pressure in the short term, but as it approaches this demand zone, the probability of a reversal or at least a short-term bounce increases. The technical indicators suggest that the stock is at a crucial level where the demand could pick up, leading to a possible upward movement from current levels. Although the broader trend has been bearish, the price action near this support level creates an attractive risk-reward setup.
Given the recent price action, I am taking long positions in TATACOMM Futures at 1388. I will look to add more positions if the price reaches 1360-1350 range. My SL is set at 1325 to manage risk, ensuring protection in case the price fails to hold the demand zone and continues lower.
The target I am expecting is 1520, which represents more than a 10% upside from current levels. This target aligns with previous resistance areas and the potential for a bullish move once the stock stabilizes at the demand zone.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
Tatacommunicationlong
Tata Communication - Breakout of consolidation📈 Key Details 📈
Tata Communication is a prominent member of the Tata group, a leading business conglomerate in India with a major presence in telecommunications.
The stock is currently trading at its all-time high levels, indicating strong bullish momentum.
After a consolidation phase lasting over 40 days, the stock has broken out.
📈 Technical Analysis 📈
Tata Communication's chart reveals an exciting trading opportunity. The stock has recently experienced a bullish breakout on the 75-minute timeframe, accompanied by significant trading volume. The breakout candle opened with a gap up and formed a Marubozu, indicating strong buying pressure throughout the session.
📊 Trade Plan 📊
To capitalize on this breakout, consider the following trade plan:
Enter a long trade above the high of the breakout candle.
Set a Stop Loss (SL) below the marked supply area on the chart to manage risk effectively.
Consider trailing your Stop Loss to protect potential profits as the trade progresses.
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Please note that this analysis is for educational purposes only, and I am not a SEBI registered analyst.
Tata Communication Chart Analysis !!📈 TATA Communication 📉
This Stock Broke out from a consolidation zone of 1100-1200 of a month inside this range on upside with a strong green candle.
This can be a stock for long ride.
Bias - Long
Target - 1268, 1313, 1485 and 1558
SL - 1100
RR- 1:3
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if you need some more study on it.
Disclaimer : Consult Your Financial Advisor Before Taking Any Decision On This Analysis.