Tejas Networks shares zoomed 17% today; now up 29% from recent 52-week low; is more steam left?

Shares of Tejas Networks Ltd recorded a 17.70 per cent jump in Friday's trade to hit a high of Rs 835.75. At this value, the stock has climbed 29.17 per cent from its one-year low level of Rs 647, seen earlier this week on March 17 (Monday). It witnessed heavy trading volume as well with around 4.20 lakh shares last seen changing hands on BSE. The figure was more than double compared to the two-week average of 1.71 lakh shares.

Turnover on the counter came at Rs 33.66 crore, commanding a market capitalisation (m-cap) of Rs 14,384.07 crore. In terms of market depth, there were 42,959 sell orders against buy orders of 35,896 shares.

A market expert suggested investors for buying and accumulating the counter on dips. Technically, Support on the counter could be seen at Rs 780, followed by Rs 750, 709, 650 and 600 levels. Immediate resistance may be found around the Rs 850 zone and a decisive close can trigger a further upside target of up to Rs 967.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "After a long consolidation, we are seeing some bottom fishing and buying interest emerging in Tejas Networks. Given the company's strong business prospects and foray into railways (Kavach programme), investors with a long-term horizon can buy and accumulate the stock on dips."

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has witnessed a whooping resurgence of nearly 25 per cent in the week from the critical support zone Rs 660-650. The next potent resistance is seen around Rs 975-985 (bearish gap), while support is seen around Rs 750-sub-levels in the comparable period."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 780 and resistance at Rs 845. A decisive move above Rs 845 level may trigger a further upside towards Rs 900. The expected trading range will be between Rs 770 and Rs 900 the short term."

Sebi-registered research analyst AR Ramachandran said, "Tejas Networks stock price is bullish on daily charts with strong support at Rs 709. A daily close above the resistance of Rs 847 could lead to an upside target of Rs 967 in the near term."

Tejas Networks produces optical and data networking products. It designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in more than 75 countries.