Tata Teleservices (NSE: TTML) share price recently surged to its highest level in the last four months. The stock of the Indian telecom giant appears to have gained strength after a recent breakout. The latest analysis reveals that a successful retest of the 71 level can flip its forecast very bullish.
On Wednesday, Tata Tele shares were down 1.41%. The price opened slightly higher, but the selling pressure increased as the day progressed. This price action comes as a surprise as the benchmark BSE Sensex and Nifty 50 both posted gains today.
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Since the start of 2023, Tata Teleservices share price has been in a tailspin. The rate hikes by the Reserve Bank of India might have played a key role in this negative price action, together with Hindenburg Research’s report against Gautam Adani. However, the stock has shown a great recovery since the start of June 2023 and appears to have gained strength.
The shares showed some strength after the Q1 report showed a lower-than-expected loss and increased revenue. If you want to invest in Tata Tele Business Services, then a good idea will be to wait for the stock to retest 71 level, which may confirm the recent breakout.
Tata Teleservices Share Price Breaks Out Of Downtrend
The daily chart of NSE: TTML reveals certain key levels on its chart that the price has been respecting for the past few months. The most critical level on the chart is resistance at 71 levels which has been marked on the chart. Currently, the price is on its way to retesting this level after breaking out earlier this month.
Consequently, Tata Teleservices share price forecast will become very bullish if the price gets a strong bounce from 71 level. Such a bounce can send the price toward the 90-100 level on the chart. The invalidation of this move will be a breakdown below the 71 rupees level.
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