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.
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.
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.
Note
27-Aug-2024
---------------
LTP: Rs. 1,099.40
1st resistance of 1,073 reached. 7% up from suggested level.
Note
08-Sep-2024
---------------
LTP: Rs. 1,112.65 (on 6-Sep)
2nd resistance of 1,115 reached. 9% up from suggested level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.