Tata Teleservices (NSE: TTML) share price is surging this week. Within the first four days of the week, Tata Tele share price has soared by more than 28%. Our analysis shows that despite a strong rebound from its March lows, the shares are due to have a pullback.
On Thursday, Tata Teleservices shares opened almost 5% higher. This meant the 4th consecutive green day for the shares of the Indian telecom services provider. The benchmark indices of Indian equities, Nifty 50 and BSE Sensex, also remained green, gaining 42 and 143 points, respectively.
Tata Tele Business Wins Big At ET Telecom Awards
According to the most recent Tata Tele Business services news, the company had bagged three prestigious awards at ET Awards 2023. The awards won include Enterprise Service Provider of the Year, Enterprise Digital Transformation of the Year, and Best Customer Service. Vishal Rally, Sr. VP & Head of Product Marketing & Commercial, expressed his delight at the achievement and vowed to create a strong digital ecosystem to accelerate adoption.
Tata Teleservices share price has remained in a tailspin due to the company’s weak financials. In February 2023, Tata Teleservices reported a Q3 net loss of 279.79 crore. This was an improvement from the net loss during the same quarter in the previous year, which remained at 302.3 crore.
Tata Teleservices Share Price Retests Resistance
Technical analysis of NSE: TTML reveals a few key levels that the shares have respected in the past. One such level is the ₹64.15 price level which has acted as a support in the past but has now become a resistance. Currently, the shares are trading at this resistance and attempting a breakout.
I expect a rejection from the ₹64.15 level in the coming days, and my Tata Teleservices share price forecast will remain bearish till the price breaks above this level. A reclaim of this level can send the price to ₹72 level, where lies the next major resistance.
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