The downward trend in the shares of Tata Technologies Ltd continues. This share of Tata Group has reached a low of Rs 883.55. Now let us know what investors should do next.
The company’s market cap fell to ₹36,098 crore on BSE. Tata Technologies stock has a beta of 0.6, which indicates very low volatility in one year.
From a technical perspective, Tata Technologies’ Relative Strength Index (RSI) is at 22.5, which indicates that it is trading in the oversold zone. Shares of Tata Technologies have become bearish in both short term and long term. The stock is trading below the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
SEBI registered independent analyst AR Ramachandran says that the stock price of Tata Technologies is bearish, but it is also oversold on the daily charts and has strong registrations at ₹920. Investors should buy only if the daily close is above the above resistance level, target will be ₹1016. Next support will be at ₹832.
Jigar S Patel of Anand Rathi says that support will be at ₹865 and registration will be at ₹935. A decisive move above ₹935 levels could spur further gains towards ₹970. The trading range in the short-term will be between ₹865 to ₹970.
Hardik Matalia, derivatives analyst at Choice Broking, says Tata Technologies has continued the bearish trend since its listing a year ago. The stock has made consecutive lower highs and lower lows on the daily chart, indicating continued downward momentum. Investors should consider exiting long positions on any bounce, as the overall sentiment remains negative. The RSI is at 21.52, which shows conditions in the oversold zone, with the possibility of a technical rebound in the short term. However, this bounce should be viewed as an opportunity to cut losses and not as a trend reversal.
This stock was listed in the market on 30 November 2023. The Tata Group stock listed at ₹1,200, a premium of 140 per cent over the IPO issue price of ₹500. It was listed on BSE through Tata Motors at ₹1,199.95, which was a premium of 140 percent over the IPO issue price.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.