The Tata Teleservices share price is up 3.24% this Monday and looks set to post a third straight day of gains, following continued investor demand for the stock. Before Monday’s uptick, the Tata Teleservices share price had risen more than 19% in two days. The price action kicked off the day’s trading in the red, but a late rally has enabled the stock to push off intraday lows at 128.90 toward the 146 price mark.
The uptick in the Tata Teleservices share price comes ahead of its 27th Annual General Meeting for the 2021/2022 fiscal year, scheduled for 28 June 2022. Despite Tata Teleservices seeing a surge in revenue for the third quarter with a 2% upsurge year-on-year, the company had registered a wider-than-expected third-quarter loss of Rs 302 crore, compared with a loss of Rs 298 crore it posted in the same period a year earlier.
The firm also posted a loss of Rs 280.62 Crore for the 4th consecutive quarter. However, the stock remains popular among investors on the Bombay Stock Exchange as it returned 3,326.83% over three years when compared with the Nifty Midcap 100 index, which returned just 55.18%. The Tata Teleservices share price currently trades just below its 12-month price target at 140.50.
The price action’s advance is now facing a test at the 146.70 resistance, formed by the 28 April low and the 9 May high. A break of this barrier clears the pathway toward the 166.30 price level. Above this level, additional resistance barriers are seen at 177.80 (18/22 April highs) and at the 208.90 price mark, where the 12 April top is found.
On the flip side, rejection at the 146.70 resistance provokes a move toward the 127.80 support level (1 June/9 June highs in role reversal). If the bulls fail to defend this support, 114.25 (9 June low) becomes the new target to the south. Below this level, the 88.60 support, formed by the 9 March low, forms yet another southbound target.
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