The short-term outlook for the stock of Tejas Networks is bullish. The stock has surged 9 per cent this week showing upmove in momentum. Immediate support is in the ₹605-600 region. Below that, ₹580 is the next strong support. The chances are high for the stock to sustain above ₹600 in the coming days. We expect the share price rise to ₹670 initially, and then to ₹700-₹740 eventually, over the next three-four weeks.
Traders can go long now. Accumulate on dips at ₹610. Keep the stop-loss at ₹590. Trail the stop-loss up to ₹640 as soon as the stock moves up to ₹655. Move the stop-loss further up to ₹665 as soon as the stock touches ₹680 on the upside. ₹Exit the long positions at ₹690.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)