Tanla Platforms shares jump 7% today; key support, resistance levels to watch

Shares of Tanla Platforms Ltd rose sharply in Wednesday's trade, extending their gains for the sixth straight session. The stock surged 7.46 per cent to hit a day high of Rs 990.90. It was last seen trading 6.81 per cent higher at Rs 984.95. At this price, the scrip has declined 10.27 per cent on a year-to-date (YTD) basis.

On the technical front, support on the counter could be seen at Rs 900, followed by Rs 950 level. An analyst suggested taking an exit at Rs 1,000 level.

"The stock has recently corrected from Rs 1,250-odd levels. Currently, it is looking promising on daily charts. Potential near-term targets on the counter are Rs 1,008 and Rs 1,050. Keep stop loss placed at Rs 879," Mitesh Panchal, a Sebi-registered analyst, told Business Today TV.

"Traders can consider exiting the stock at Rs 1,000 levels. Support on the counter will be around the Rs 900 zone," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

"Support will be at Rs 950 and resistance at Rs 1,010. A decisive close above Rs 1,010 level may trigger a further upside towards Rs 1,050. The expected trading range will be between Rs 900 and Rs 1,100 for a month," said Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers.

"One can anticipate a further rise in the near term. Upside potential target will be Rs 1,040 with support maintained at the Rs 950 zone," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-day and 150-day simple moving averages (SMAs) but lower than the 200-day SMA. The counter's 14-day relative strength index (RSI) came at 65.27. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 81.26 against a price-to-book (P/B) value of 20.82. Earnings per share (EPS) stood at 11.35 with a return on equity of 25.62.

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 March 2024, promoters held a 44.15 per cent stake in the company.