Tata Communications is a leading telecom company helping businesses power hyperconnected ecosystems. It is present in over 190 countries around the world, company data stated. The stock witnessed price-wise correction, which took it towards the 1,500 level in October 2023. It bottomed out above 1,500 and started inching higher.
The pharma stock rose from Rs 291 on August 14 to Rs 435 recorded on February 15, which translates into an upside of about 50% in six months. It rose more than 6% in a week and over 20% in the last 3 months. The momentum helped the stock to break out from a month-long consolidation.
The retail stock rallied from Rs 1,929 on August 14, 2023, to Rs 3,921 on February 14, 2024, which translates into an upside of 103% in just 6 months. It rose over 20% in the last 1 month and more than 50% in the last 3 months. Tracking the momentum, it hit a record high of Rs 3,950 on February 14.
The largecap IT stock, also part of the S&P BSE Sensex index, witnessed a breakout in February 2023 from the earlier high of Rs 4,045 recorded in January 2022. It hit a record high of Rs 4,045 on January 18, 2022, but failed to hold the momentum. It later witnessed a price-wise correction, which took the stock towards 2,900 levels in September 2022 before bouncing back.
The stock hit a fresh 52-week high of Rs 1,741 on December 15, 2023, but failed to hold on to the momentum. It slipped below the 50-DMA in February on the daily chart but found some support above the 200-DMA. It is also trading in a 15-year-old Rising Channel pattern on the monthly charts. The recent selloff pushed the stock towards the support zone of the channel. Hence, a technical bounceback could be on the cards.