Shares of Tata Technologies Ltd rose 1.45 per cent to hit a high of Rs 1,115 in Wednesday's trade. At this price, the stock has climbed 14.88 per cent from its one-year low value of Rs 970.55, a level seen earlier this month on August 5. Despite the mentioned rise, the stock is still down 20.36 per cent from its 52-week high of Rs 1,400, hit on November 30 last year (listing day).
During the previous session, the counter saw three bulk deals. TPG Rise Climate sold 1,21,29,489 shares valued at Rs 1,230.12 crore, while Copthall Mauritius Investment and Ghisallo Master Fund bought 40,10,579 and 31,22,686 shares worth Rs 406.27 crore and Rs 316.33 crore, respectively.
"One should definitely consider keeping a close watch on Tata Tech shares at current levels," Gaurang Shah, Senior VP at Geojit Financial, told Business Today TV.
On the technical setup, a few analysts suggested that the counter may climb up to Rs 1,200 in the near term. With that being said, support could be seen at Rs 1,050, followed by Rs 950 level.
"Medium-term charts looked positive for Tata Tech. A decisive close above its current resistance level of Rs 1,100 is required further potential upside targets of Rs 1,150-1,200. Keep stop loss placed at Rs 1,050 and risk-reward ratio is 1:1," said Kiran Jani, Head of Technical Research at Jainam Broking.
The stock can hit an immediate upside target of Rs 1,150 in the near term, said Pravesh Gour, Senior Technical Analyst at Swastika Investmart. "It also has the potential to see Rs 1,200 levels. On the downside, Rs 950 will act as an immediate support level," Gour added.
Around 4.26 lakh shares were last seen changing hands on BSE today. The figure was lower than the two-week average volume of 33.91 lakh shares. Turnover on the stock came at Rs 46.73 crore, commanding a market capitalisation (m-cap) of Rs 44,643.82 crore.
The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-day and 150-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 77.56. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As of June 2024, promoters held a 55.39 per cent stake in the firm.