Despite low trading volumes, the TATA Teleservices share price is marginally higher this Monday. The pair is up 0.52% but failed to recover the losses of the last two trading sessions after the stock price gapped downwards on 9 August.
The company reported its earnings for the April-June quarter of the 2022 fiscal year recently. According to the data, revenue fell marginally from Rs 268.03 crore to Rs 266.48 crore. Losses narrowed from 328.45 crore Rupees in last year’s first quarter to 295.1 crore Rupees in the first quarter of the current financial year.
Since hitting a double top in April 2022, the stock has been on a relentless selloff spree, which has resulted in a halving of its 2022 price peak. From the technical analysis standpoint, the current price action is consolidating following a failed violation of the 102.75 price support on 10 August. The bounce at this point has kept the pair in the middle of this range. A resolution of this range-bound status is needed to define a new price direction for the Tata Teleservices share price.
TATA Teleservices Share Price Forecast
The stock is trading between the 114.70 resistance and the 102.75 support. This follows a bounce off the latter to complete the measured move of the small double top that formed at the resistance. A resumption of bearish momentum puts this pivot at risk, where a breakdown will open the door toward the 96.90 support mark (29 November 2021 low). An additional target to the south is seen at 90.70, the site of the previous low of 9 March 2022.
On the other hand, a break of the 114.70 range ceiling brings 125.30 into the picture as the initial upside target. The 20 July high at the 120.00 psychological resistance forms a potential pitstop. A further price advance beyond the 2 June and 8 July highs at 125.30 gives the bulls access to 131.40 (17 May and 27 June 2022 highs), before 138.55 (6 May high) enters the mix as an additional target to the north.
TATA Teleservices: Daily Chart
