Shares of Moschip Technologies Ltd and Tamilnad Mercantile Bank Ltd both concluded Tuesday's trading session with declines. Market analysts have provided critical insights into the technical outlook for these two stocks, outlining key support and resistance levels that could influence their near-term performance.
Moschip Technologies: Chart Indicators
Moschip Technologies shares closed 2.81 percent lower at Rs 202.60. According to Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, the Rs 195-200 zone is expected to serve as a significant support level for the stock.
- Intermediate Resistance: Rs 230
- Significant Hurdle for Recovery: Rs 245-250 zone
AR Ramachandran, a Sebi-registered research analyst at Tips2trades, noted that Moschip Technologies remains bearish on daily charts, with strong resistance observed at Rs 218. He placed the near-term support at Rs 196.
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, identified support at Rs 200 and resistance near Rs 225. Patel suggested that a decisive move above Rs 225 could trigger an upside towards Rs 230, anticipating the stock to trade within the Rs 200-230 range in the short term.
Tamilnad Mercantile Bank: Technical Outlook
Tamilnad Mercantile Bank shares experienced a 1.07 percent decline, settling at Rs 883.25. Angel One's Osho Krishan highlighted that while the bank's stock continues to trade in a strong uptrend, it appears stretched on technical indicators.
"The stock continues to remain in a strong secular uptrend, trading near its lifetime highs. However, it appears stretched on technical parameters, making the current risk-reward profile less favorable for fresh entries. On the downside, the Rs 840-820 zone is expected to provide immediate support, followed by Rs 780. As long as the prevailing momentum remains intact, investors are advised to trail stop-losses higher to protect gains," Krishan stated.
Tips2trades' Ramachandran characterized Tamilnad Mercantile Bank's stock as bullish but slightly overbought on daily charts, with the next resistance at Rs 927. He advised investors to consider booking profits, warning that a daily close below the support of Rs 837 could lead to a fall towards Rs 789 in the near term.
Anand Rathi's Jigar S Patel noted support for the stock at Rs 850 and resistance around Rs 900. He projected that a decisive move above Rs 900 could push the stock towards Rs 920, expecting it to trade within the Rs 850-920 range in the short term.
Disclaimer: This article provides general market information and should not be considered investment advice. Consult a qualified financial advisor before making investment decisions.