Tanla Platforms shares rise 18% in just two sessions. More steam left?
Tanla Platforms shares rose 6% in early trading on January 2, following a nearly 12% increase on New Year's Day. The shares opened at ₹750.45, remaining stable compared to the previous close.
Tanla Platforms shares surged 6 per cent in early morning trade on Thursday, January 2 amid high trading volumes in the counter. The gains follow a nearly 12 per cent rally seen in Tanla Platforms share price in New Year Day's trading session, thus taking total gains to 18 per cent in just two days.
As of 10.20 am, 4.63 lakh shares of Tanla Platforms had changed hands on the BSE, nearly 4 times higher than the two-week average traded quantity of 1.24 lakh shares.
Tanla Platforms Share Price Trend
Tanla Platforms shares opened today's session at ₹750.45, unchanged against its previous close on the BSE. The stock thereafter rose to the day's high of ₹794, recording a 5.6 per cent gain against its previous close.
The stock hit its 52-week low of ₹660.50 two sessions ago on December 31, 2024. Meanwhile, its 52-week high stands at ₹1,248.40, which it touched on January 12, 2024.
Tanla Platforms stock has rallied 11 per cent in the past month, it is down 29 per cent in the last one year, eroding investor wealth.
Can Tanla Platforms shares rally more?
According to technical analysts, the outlook for Tanla Platforms shares looks strong, with further upside on the cards.
Mahesh M Ojha, AVP — Research at Hensex Securities attributed the rally in Tanla Platforms shares to the capex expansion buzz on Dalal Street. According to him, the stock looks strong on chart patterns and could rally further.
"Tanla Platforms' share price has been ascending for the last two sessions due to the buzz about the CAPEX expansion on Dalal Street. The Government of India (GoI) announced sops for the fertilizer companies, which triggered buying in the fertilizer stocks. The stock looks strong in the chart pattern, trading at the lowest PE. So, the rally is expected to continue further," said Ojha.
He believes Tanla Platform's share price is on the cusp of giving a fresh breakout at ₹812 on a closing basis. If this happens, we expect the stock to touch ₹875 to ₹890 apiece in the near term, while ₹1000 can be expected in the medium term, Ojha added.
Echoing the similar positive sentiment, Jigar S Patel, Senior Manager of Techincal Research at Anand Rathi, said Tanla Platforms share has formed a strong double bottom structure on the chart, accompanied by a bullish RSI divergence, signalling a potential trend reversal.
"This technical setup resulted in an impressive 12 per cent surge in a single trading session, highlighting significant bullish momentum. The stock has reversed from a key previous breakout zone, further strengthening its technical outlook," added Patel.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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