Tata Teleservices share price (NSE: TTML) has hit to a fresh 14-month low as the Indian equities remain in a downtrend. On Monday Indian share market tumbled as the Nifty 50 depreciated by 0.56%. Since the start of the month, the Nifty 50 is down by 1.51%. The downtrend in Indian stocks coincides with Hindenburg Research’s report on Adani Group.
BSE SENSEX also showed a negative price action at the start of the week and closed 0.51% lower. Since the start of the year, Tata Teleservices share price has tanked by almost 30%. There seems to be very little interest by the buyers at the current level as the price has failed to get a significant bounce.
Is Tata Teleservices A Good Buy?
Before asking this question, you must decide the timeframe of your investment. If you are looking for a short-term, then Tata Teleservices stock is probably the last thing you should be investing in. However, if you’re confident about the company’s financials and a long-term buyer, then the case is different. From the long-term perspective, current prices can be a good opportunity to accumulate.
Nevertheless, it would still be unwise to buy all at once. It’s better to build up a position as the price keeps going down. If the current level doesn’t hold, then NSE: TTML can dip to ₹53 level, which is the next key level. Therefore, it is necessary to manage your risk accordingly.
Tata Teleservices Share Price Target
The following chart of Tata Teleservices shows the price has been in a constant downtrend since hitting ₹209 in 2022. Since then, the price has lost more than 70% and has failed to break out of the downward trendline. Things even turned more bearish when Tata Teleservices share price fell below ₹90 level.
As long as the price remains below ₹90 level, my outlook for Tata Tele will remain bearish. Bulls need to reclaim this level to signal a reversal. For the moment, bears are having the time of their lives. Next target for the bears is ₹53 level.
