Stock market today: After giving breakout at ₹940 apiece levels on NSE, shares of cloud communication company Tanla Platforms witnessed sharp upside during morning deals and went on to touch intraday high of ₹1,109 per share levels, logging to the tune of 20 per cent upside against yesterday's close of ₹925 per share. Tanla Platforms share price today opened upside at ₹930 per share levels on NSE and touched this record high after breakout on technical chart pattern.
Speaking on the reasons for rise in Tanla Platforms shares, stock market experts said that the stock has given back to back technical breakout at ₹935 and ₹1,040 per share levels during morning deals. They said that the stock was in base building mode since July last week and it was retracing for the last few sessions after coming above ₹930 levels.
Market experts said that stock is still looking strong on technical chart and it may go up to ₹1,150 and ₹1,200 apiece levels in near term, if it closes above ₹1,030 levels today.
On why Tanla Platforms shares skyrocketed today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "Tanla Platforms shares have given back to back technical breakout on chart pattern at ₹935 to ₹940 and ₹1,040 per share levels. The stock is facing minor resistance at ₹1,125 apiece levels. So, those who have short term view can book profit at current levels whereas a long term investor can hold the scrip keeping trailing stop loss at ₹1,030 per share levels."
Advising 'buy on dips' strategy for fresh buyers, Sumeet Bagadia, Executive Director at Choice Broking said, “Tanla Platoforms shares have come out of the base building mode after near four months. As the stock has risen around 20 per cent, fresh entry is not advisable at current levels. But, one can maintain buy on dips suing one's money bit by bit as another breakout above ₹1,125 may further fuel the clound communication stock to the tune of ₹1,150 and ₹1,200 per share levels in very short time.”
"Tanla Platforms share price hit life-time high of ₹1,317.95 apiece on NSE in July and since then it has remained under base building mode. So, this trechnical breakout can be a fresh leg of bull trend in the stock in near term," said Bagadia.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.Re
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