1 day ago
Tejas Networks Gains as Axis Direct Sees Further Upside
Tejas Networks makes equipment used for telephone and internet networks.
Its share price has risen strongly recently, although its one-year return is still slightly negative.
Axis Direct studied the stock charts and found several signs that buyers are active.
The stock bounced from an important technical support level.
It is also trading above several major moving averages, which can indicate an upward trend.
Trading volumes increased during the rise, suggesting stronger participation.
Axis Direct believes the price could reach ₹680-695 in three to four weeks if the trend continues.
The company also received a ₹1,537 crore Letter of Intent from Tata Consultancy Services for equipment used in BSNL’s 4G network.
Tejas Networks rose 9% in one week, 15% in one month and 27% in six months.
The stock traded at ₹593.55, about 8% below its ₹644.75 52-week high.
Axis Direct identified bullish weekly candles, rising volumes and support from key moving averages.
The brokerage sees a potential upside target of ₹680-695 over a three-to-four-week holding period.
Tejas Networks recently received a ₹1,537 crore Letter of Intent from Tata Consultancy Services for BSNL 4G network equipment.
- Who
- Tejas Networks, with technical analysis from Axis Direct; Tata Consultancy Services and Bharat Sanchar Nigam Ltd are involved in the related network-equipment order.
- What
- Tejas Networks shares showed bullish technical signals, while Axis Direct identified a potential target of ₹680-695.
- Where
- The development concerns Tejas Networks shares and equipment supply for 18,685 sites in Bharat Sanchar Nigam Ltd’s 4G mobile network.
- When
- The stock performance cited covers one week, one month, six months and one year; Axis Direct gave a three-to-four-week holding period.
- Why
- The bullish view is based on strong weekly candles, a Fibonacci-level rebound, higher volumes, rising moving averages and positive RSI readings.
Key facts
- Current share price
- ₹593.55
- Recent performance
- Up 9% in one week, 15% in one month and 27% in six months
- 52-week range
- High of ₹644.75 and low of ₹294.10
- Axis Direct target
- ₹680-695
- Suggested holding period
- 3-4 weeks
- Letter of Intent
- ₹1,537 crore from Tata Consultancy Services
- Network sites covered
- 18,685 Bharat Sanchar Nigam Ltd 4G sites
Sources
Related news
Tejas Networks shares jump after ₹1,537-crore TCS deal
Tejas Networks Shares Rise After ₹1,537-Crore BSNL 4G Order
Three Logistics Stocks Show Signs of Potential Bullish Moves
TCS, Engineers India Technical Setups Point To Further Upside
Axis Bank, Dixon Technologies, Nykaa among short-term stock picks
Engineers India Breakout Signals Further Upside, Axis Direct Says
Best Apps for Opening NRI Demat Accounts in India
Engineers India stock rises 21% in a month
Promoters Sell ₹13,000 Crore Shares During August Rally
