TATA TELESERVICES .. a technical evaluation
After witnessing a rally from Mid-Aug 2007 from a level of Rs 25/- to a high Rs 65/- the scrip corrected back to Rs 25 levels in the recent market fall.
It is currently showing some signs of consolidating and it has a good support between Rs 25- Rs 30 levels. The scrip has closed near Rs 30/- after a long time.
The MACD, though in negative territory , is turning upwards suggesting a halt to the selling pressure.
Medium term investors can enter the stock on a break again now above Rs 30.25/- keeping a stoploss of Rs 26/-. Initial resistance is likely to be at Rs 35/- and once this is cleared (particularly with volumes) , the target for the investor will be in the region of Rs 42-44/-
Please note that these targets may take some time to come and I suggest those having a time frame of 3-4 months only need invest.
Happy Trading !
CA Rajiv D Khatlawala
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