Tata Teleservices (NSE: TTML) share price has been trading sideways for the past few days. However, a closer look at the chart reveals key information that can be very handy for short and long-term traders. A big move appears to be around the corner for Tata Tele shares, which have been in a tailspin since the start of the year.
On Thursday, shares of Tata Teleservices dropped by 1.3% as the Indian stock market showed sideways price action. The benchmark indices, Nifty & Sensex, showed minor gains on the 2nd last trading session of the week. At press time, Tata Tele share price was trading at ₹60.65.
Tata Tele Shares Remain In A Tailspin
In one of the most brutal corrections in Indian stocks, NSE: TTML has crashed 79% since its January 2022 peak of ₹290. The stock still appears to be in a downward spiral as Indian equities are in the midst of a recovery from the Adani controversy. The Hindenburg Research’s report against billionaire Gautam Adani triggered a sell-off in his holding companies. This changed the liquidity dynamics of the whole stock market and also affected Tata Teleservices share price.
Just recently, Tata Tele Business Services won big at ET Awards 2023. The company bagged three awards at the event, including Enterprise Service Provider of the Year, Enterprise Digital Transformation of the Year, and Best Customer Service.
Tata Teleservices Share Price Breaks Out Of The Downtrend
On a daily timeframe, NSE: TTML has broken above the downward trendline for the first time since September 2022. While this can be taken as a sign of strength, there is still one key level that the stock needs to flip into support. This is the 60-61p resistance level which was once a major support.
Tata Teleservices share price may target the 93p level in the coming if the price gains strength above 61p. This price target comes from the 200-day moving average, which is often retested by the price after major drops. The broader market dynamics will play a key role in this regard, along with the Reserve Bank of India’s interest rate decisions.
I’ll keep sharing my updated price outlook on Tata Teleservices & other stocks in my free Telegram group, which you’re welcome to join.
