Technical Analysts see Tata Investment Corporation to surge to ₹10,000, signalling further upmove after its recent surge.
What Happened: Tata Investment gained over 17% in the last three trading sessions. The recent for the surge is not immediately clear. While one technical analyst suggested the price jump could stretch to ₹10,0000, another sees resistance levels at ₹8,500 level and advised investor to buy during dips.
"Tata Investment is currently trading at Rs 7863. The stock shows a positive trend, with major support at Rs 7500. Resistance levels are observed at Rs 8250 and Rs 8500. The strategy here would be to buy on declines, capitalizing on any pullbacks towards the support zone while targeting the higher resistance levels for potential gains," Riyank Arora Technical Analyst at Mehta Equities said.
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Manish Shah, SEBI registered independent Market Analyst said, "The price action in Tata Investment has shown a reversal from a triple bottom trend reversal pattern. The breakout is on high volumes and good momentum. With this breakout, there is a strong possibility that the decline from March 2024 high is over and the price should see a new leg of uptrend. On the upside, price is likely to see a rally to 10000 and above that to 11800. For long trades, stop-loss below 6000 should be maintained."
Price Action: Shares of Tata Investment snapped its two-day gaining streak and fell 2.55% to ₹7197.
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