Close up of waving flag with Tata Group logo, United States
Tata Teleservices (NSE: TTML) share price is in the midst of a recovery after an almost 12% correction from the September 2023 highs. However, don’t let the ongoing pullback fool you into believing that the uptrend is over, as the bullish market structure remains intact.
On Thursday, Indian equities showed a slight correction. The Nifty 50 Index lost 17.35 points, and the BSE Sensex also fell by 64.66 points. The price action is being attributed to the profit-taking after this month’s rally. However, Tata Teleservices stock remained resilient as the price was up 0.57% at press time.
As per the recent news, Tata Tele Business Services has enabled connectivity and collaboration solutions for an NGO, Magic Bus India. The non-governmental organization focuses on kids’ education by closely coordinating with their parents, peers, and the whole community.
While the ongoing bearish price action might be disappointing to some investors, it is worth mentioning that the stock is still 27% above its 200 MA. As long as Tata Teleservices share price remains above this key moving average, my bias will remain toward the upside.
If you have been following me, you must know that I predicted an uptrend in NSE: TTML after a bullish breakout in June. Since then, the shares have surged 34.5%. My Tata Teleservices share price prediction will remain bullish as long as the bulls hold the 90.5 level.
This level may act as a support in the coming days. Instead of a strong surge, there is a higher likelihood of a slow recovery in the coming weeks. The biggest resistance for the bulls remains the 0.618 fib retracement level, which lies around the INR 111 level. The broader market sentiment of the Indian stock market will also impact the price action in the coming months.
This post was last modified on Oct 12, 2023, 13:07 BST 13:07