The short-term outlook is bullish for Tejas Networks. The 5.6 per cent rally on Wednesday gives an early sign of a trend reversal of the downmove in place since October. Immediate resistance is at ₹660. A break above it can take the stock up to ₹700 initially over the next one-two weeks.
A further break above ₹700 see Tejas Networks targeting ₹750 over the next three-four weeks. Immediate Support is at ₹635. Below that ₹600 is the next strong support. Traders can go long at current levels. Accumulate longs on dips at ₹640. Keep the stop-loss at ₹610. Trail the stop-loss up to ₹680 when the stock moves up to ₹690. Move the stop-loss further up to ₹710 when Tejas Networks touches ₹720. Book profits at ₹730.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.