Tejas Networks stock forms strong bullish candles; Axis Direct shares buy range, stop-loss, upside, holding period

Tejas Networks has extended its recent run on the stock market, with the telecom equipment maker showing strong momentum across multiple timeframes. The stock has gained 9% in the past one week, 15% over the last 1 month and 27% in the past six months.

Despite the recent gains, the Tejas remains flat but in the red over the past 1 year, indicating that the latest rally has not yet translated into a positive one-year return.

Tejas Networks was trading at ₹593.55 apiece. At the current level, the stock is around 8% below its 52-week high of ₹644.75, recorded in June 2026. Its 52-week low stands at ₹294.10, which was touched in January 2026.

The recent price action has also brought the stock's technical setup into focus, with Axis Direct highlighting a series of bullish signals on the weekly chart and identifying potential upside towards ₹680-695.

Tejas Networks technical outlook

The recent movement in Tejas Networks has strengthened the stock's technical picture, with the latest rally being supported by several indicators rather than being driven solely by price momentum.

According to Axis Direct, Tejas Networks has formed strong bullish candles over the past two weeks on the weekly chart. The brokerage noted that this move came after the stock bounced from the 61.8% Fibonacci retracement level of its previous upmove, which had taken the stock from ₹382 to ₹644.

The rebound from this important Fibonacci level is significant from a technical perspective because it indicates that buyers emerged around a key retracement zone. The subsequent breakout has also been accompanied by higher trading volumes, according to Axis Direct. The rise in volume suggests stronger participation from market participants and adds credibility to the ongoing price move.

Another positive factor highlighted by the brokerage is the stock's position relative to its key moving averages. Tejas Networks is trading firmly above its 20-day, 50-day, 100-day and 200-day simple moving averages (SMAs). Importantly, all these moving averages are trending higher in line with the price action.

Axis Direct views this alignment as confirmation of a strong bullish structure. When a stock trades above multiple important moving averages and those averages are themselves moving higher, it generally indicates that the underlying trend remains positive.

Momentum indicators are also supporting the technical setup. The daily and weekly Relative Strength Index (RSI) readings are holding above their respective reference lines, pointing to a positive bias and further strengthening the bullish outlook, according to Axis Direct.

Axis Direct upside target and holding period

Based on the combination of the price structure, Fibonacci retracement, moving averages, volume and momentum indicators, Axis Direct sees further upside potential in Tejas Networks.

The brokerage has identified the ₹680-695 zone as the potential upside target. From the current price of ₹593.55, this target range implies room for further gains if the bullish structure continues to hold.

Axis Direct has assigned a holding period of 3-4 weeks for the technical setup.

Recent Updates

Last month, the company said it had received a Letter of Intent (LOI) worth ₹1,537 crore from Tata Consultancy Services (TCS) for supplying Radio Access Network (RAN) equipment, accessories and installation materials for 18,685 sites forming part of Bharat Sanchar Nigam Ltd's 4G mobile network.

The order relates to the supply of RAN equipment and associated materials for the sites under an add-on purchase order that TCS had secured from BSNL. The details were disclosed through separate regulatory filings by the companies.

Tejas Networks said TCS is expected to issue a formal and detailed Purchase Order (PO) in due course, which will formalise the execution of the project. The size of the LOI is particularly notable when compared with Tejas Networks' existing order book. At the end of Q1FY27, the company's total order book stood at ₹1,529 crore.

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 making any investment decisions.