Feb 22 2024, 07:34
Stock Radar:Tata Communications takes support above 50-DMA; likely to surpass 2,000 level:
TREA COMMUNICATIONS
Tata Communications is a leading telecom company helping businesses power hyperconnected ecosystems. It is present in over 190 countries around the world, company data stated. The stock witnessed price-wise correction, which took it towards the 1,500 level in October 2023. It bottomed out above 1,500 and started inching higher.
Tata Communications Ltd, a part of the telecom space, has been consolidating after hitting a record high in September 2023 but a recent bounce back from its 50-DMA on the daily chart suggests that the momentum could continue.
Short-term traders can look to buy the stock for a bounce back towards the record high of around Rs 1,956 and if the momentum continues, the stock could surpass the 2,000 level, observed experts.
The stock hit a fresh record high of Rs 1,956 on September 11, 2023, but failed to hold the momentum.
The stock witnessed price-wise correction, which took it towards the 1,500 level in October 2023. It bottomed out above 1,500 and started inching higher.
The stock has been consolidating around the 50- DMA range since January, but it finally broke out on the upside earlier last week.
The momentum helped the stock break on the upside from Triangle formation on the
Short-term traders can look to buy the stock for a bounce back towards the record high of around Rs 1,956 and if the momentum continues, the stock could surpass the 2,000 level, observed experts.
The stock hit a fresh record high of Rs 1,956 on September 11, 2023, but failed to hold the momentum.
source:et
Feb 22 2024, 08:07