Tata Teleservices (NSE: TTML) share price remains bearish despite a recent bounce. The shares of the Indian telecommunication company have broken below a key level on its chart, which suggests that a deeper pullback is on the cards.
On Thursday, Tata Tele shares closed the day with 0.96% gains. The price opened higher, but the selling pressure increased as the day progressed. This price action comes as no surprise as the benchmark BSE Sensex and Nifty 50 both showed minor gains today.
Tata Tele Shares Dropped 32.5% In 2023
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.
The shares showed some strength after the Q1 report showed a lower-than-expected loss and increased revenue. However, the gains appear to have faded as the price is trading close to its monthly lows. If you’re planning to buy Tata Tele business shares, then there can be better opportunities in the market right now.
Tata Teleservices Share Price Drops Below Key Resistance
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 64.35 resistance which has been marked on the chart. The price broke above this level at the start of May 2023 but failed to gain strength.
Consequently, Tata Tele services share price forecast has become very bearish. The only way to avoid this outlook is by breaking above 70.65 level, where lies the equal highs for 2023. This won’t be an easy task for the bulls considering the fundamental factors.
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