Tanla Platforms shares surge 12% today; key technical levels to watch out for

Tanla Platforms shares surge 12% today; key technical levels to watch out for

Tanla Platforms share price: The stock was last seen trading 8.22 per cent higher at Rs 992.30 today. At this price, it has gained 75.02 per cent in the past one year.

Tanla Platforms share price: On technical setup, support will be at Rs 980, followed by Rs 920 and Rs 910 levels.
Prashun Talukdar
  • Apr 10, 2024,
  • Updated Apr 10, 2024, 2:35 PM IST

Shares of Tanla Platforms Ltd jumped 12.43 per cent in Wednesday's trade to hit a day high of Rs 1,030.90. The stock was last seen trading 8.22 per cent higher at Rs 992.30 today. At this price, it has gained 75.02 per cent in the past one year.

The scrip saw heavy trading volume today as around 2.29 lakh shares changed hands on BSE at the time of writing this story. The figure was higher than the two-week average volume of 67,000 shares. Turnover on the counter came at Rs 22.88 crore, commanding a market capitalisation (m-cap) of Rs 13,342.45 crore.

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On technical setup, support will be at Rs 980, followed by Rs 920 and Rs 910 levels.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Tanla Platform has seen strong traction in the last couple of trading weeks, which brought it above the breakdown zone of Rs 910. Rs 1,000 may act as a crucial zone in the near term. For now, Rs 920-910 is anticipated to provide cushion, while a decisive breach and sustenance above Rs 1,020-1,030 is likely to trigger next leg of rally in the counter."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 980 and resistance at Rs 1,050. A decisive close above Rs 1,050 level may trigger a further upside to Rs 1,100. The expected trading range will be between Rs 950 and Rs 1,125 for a month."

AR Ramachandran from Tips2trades said, "Tanla Platforms stock price is bullish on daily charts with strong support at Rs 920. A daily close above resistance of Rs 1,045 could lead to target of Rs 1,200 in the near term."

The company (formerly known as Tanla Solutions) offers an application-to-person service (A2P) messaging platform globally. Its range of services includes product development and implementation in the wireless telephony industry, aggregator services and offshore development services.

As of December 2023, promoters held a 44.15 per cent stake in the company.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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