tejas networks share price: Big Movers on D-Street: What should investors do with Tejas Networks, Mazagon Dock and TCS? – Blue Barrows

Domestic markets closed flat with a negative bias on Friday, tracking mixed global cues. The S&P BSE Sensex ended above the 58,100 level, while Nifty50 held on to the 17,300 level.

Sectorally, selling was seen in oil & gas, energy, metal, IT and FMCG stocks while consumer durables, telecom, and capital goods stocks saw some buying.

Stocks that were in focus include

which rose more than 4 per cent, gained nearly 7 per cent, and closed with a minor loss of over 1 per cent ahead of its September quarter results on Friday.

Here’s what Pravesh Gour, Senior Technical Analyst, , recommends investors should do with these stocks when the market resumes trading today:

Tejas Networks: Buy

The counter is witnessing a breakout from a long consolidation and a triangle pattern formation on the daily timeframe. The overall structure is remunerative as it trades above its all-important moving averages.

The pattern suggests an immediate target of Rs 800, while it has the potential to move further upside to Rs 914 levels. On the downside, Rs 635 will act as an immediate support level.

ADX (average directional index) and MACD (moving average convergence divergence) are supporting the current strength whereas momentum indicator RSI (relative strength index) is also positively poised.

Mazagon Dock: Avoid

The counter is in the eternal bull rally. In Friday’s trading session, the stock reached its all-time high at around Rs 644. The overall structure is classical as it trades above its all-important moving averages.

At the current level, any new position on the counter is not recommended. Traders can wait for a healthy correction around the Rs 400-450 zone for a target of Rs 750+ for the long term.

TCS: Buy

The primary structure of the counter is in a downtrend, and it is trying to form a base around the Rs 2,900 level which was the breakout level of December 2020.

The overall structure is looking weak as it trades below the 100-200 moving averages. On the upside, Rs 3,200 has become an immediate resistance area; above this, we can expect a run-up towards Rs 3,400+ levels in the near term.

On the downside, if it breaks the Rs 3,000 level then Rs 2,900 is the next support level.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)