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What is the short-term outlook for the stock of Tanla Platforms? I would like to enter at current levels.
Ashish
Tanla Platforms (₹812.10): After witnessing a strong rally over the last two years, the stock has been beaten down badly this year. The sharp fall this seen this year has wiped out all the gains made in 2021. The stock made a low of ₹584.8 in the last week of July and has been consolidating since then. The 200-Week Moving Average (WMA) is currently poised at ₹575. This is a crucial support. If Tanla Platforms continues to consolidate above ₹575, the chances of seeing a trend reversal will increase. Resistances are at ₹850 and ₹925. A break above ₹925 will pave way for a fresh rise to ₹1,050 and ₹1,150 in the short term.
Such an up-move will give an early sign of a trend reversal. If you have high-risk appetite, only then you can buy the stock at current levels. Accumulate the stock at ₹680 and ₹620. Keep a stop-loss at ₹540. Trail the stop-loss up to ₹820 as soon as the stock moves up to ₹940. Move the stop-loss further up to ₹960 when the stock touches ₹1,010 on the upside. Exit the stock at ₹1,050. Please note that you need to have patience if you are buying this stock now. Because, the current consolidation can continue for some more time.
I want to know the technical outlook for the stock of Vedanta.
Dr Raja
Vedanta (₹288): The stock has been in a strong downtrend since April this year. The up-move from the low of ₹206.10 made in July does not look like trend reversal. For now, on the chart this up-move is just a corrective rally. Important resistance is in the ₹320-325 region. Only a strong break and a decisive weekly close above ₹325 will indicate a trend reversal. In that case, the stock can rise to ₹420-450 in the next few months. But, as long as the stock remains below ₹325, the overall downtrend will remain intact.
In that case, the chances are high for the stock to fall towards ₹220 and ₹200 in the next two-three months. The level of ₹200 is a crucial support for the stock. A break below it will be very bearish. Such a break will increase the danger of the stock fall to ₹100 and even ₹60 from a long-term perspective. If you are intending to buy this stock, it is better not to enter at the moment. This stock of Vedanta will become a convincing buy only on a sustained break above ₹325.
I have bought shares of Piramal Enterprises at an average price of ₹1,020. What is the possible short-term target?
Ghanshyam Soni
Piramal Enterprises (₹842): The stock has been in a strong downtrend since October last year. This downtrend is still intact. Strong resistances are at ₹950, ₹1,000 and ₹1,135. As long as the stock remains below these resistances, the chances of seeing a further fall from here cannot be ruled out. On the charts, the path is very clear for the stock to fall to ₹685. A further break below ₹685 will increase the danger of the stock extending the fall to ₹575-560.
We can expect the stock to see a fresh rally either from ₹685 itself or from around ₹575. That rally will have the potential to take Piramal Enterprises up to ₹1,500 again over the next couple of years. We suggest exiting the stock at current levels with a loss. Alternatively, you can consider buying the stock again at ₹685 and accumulate at ₹590. Keep the stop-loss at ₹320. Move the stop-loss up to ₹750 as soon as the stock rallies to ₹1,050. Move the stop-loss further up to ₹1,050 when the stock touches ₹1,350. Exit the stock at ₹1,480.
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