Monthly Technical : TEGA Ltd For Target Rs. 1816 - Choice Broking Ltd
TEGA Ltd
Buy TEGA Ltd @ 1612 SL 1510 Target 1816 Duration : 1 Month
TEGA has recently broken out from a double bottom pattern and is currently undergoing a successful retest of the breakout zone. A decisive close above Rs.1,650, supported by strong volumes, would confirm the breakout and signal the beginning of a fresh uptrend.
The stock is trading comfortably above its key exponential moving averages—20, 50, 100, and 200-day—indicating strength across all major timeframes. Momentum indicators further validate the bullish setup; the daily RSI is at 66 and trending upward, signaling growing strength without yet being overbought. This confluence of price action and momentum suggests a high probability of continued upside.
Traders may consider a buy-on-dips strategy near the Rs.1,580 support area for a low-risk entry, with a positional stop-loss at Rs.1,510. If the breakout sustains, TEGA has the potential to rally towards Rs.1,816 and beyond, offering an attractive risk-reward opportunity for positional traders.
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