After a roughly 12% spike on New Year's Day, Tanla Platforms shares increased 6% in early trade on January 2. When compared to the previous close, the shares opened at ₹750.45, staying steady.
Due to heavy counter trading, Tanla Platforms' stock increased 6% in early morning trading on Thursday, January 2. The gains come after Tanla Platforms' share price saw an almost 12% increase during the trading session on New Year's Day, bringing the total gains to 18% in just two days.4.63 lakh Tanla Platforms shares had exchanged hands on the BSE as of 10.20 am, which is over four times more than the 2.24 lakh shares that were traded on average over the previous two weeks.
Trend of Tanla Platforms' Share Price
Tanla Platforms' stock opened the day at ₹750.45, which remained the same as its closing price on the BSE. After then, the stock increased to ₹794, the day's high, gaining 5.6% from its closing price.
Two sessions ago on December 31, 2024, the stock fell to its 52-week low of ₹660.50. However, on January 12, 2024, it reached its 52-week high of ₹1,248.40.
Investor value has been eroded by Tanla Platforms' stock, which has increased 11% in the last month but has dropped 29% in the last year.
Can shares of Tanla Platforms continue to rise?
Technical analysts say there is a good chance that Tanla Platforms' stock will continue to rise.
Hensex Securities' AVP of Research, Mahesh M. Ojha, credited the capex expansion fervor on Dalal Street with driving the Tanla Platforms share price increase. He claims that the stock appears to be strong based on chart patterns and may continue to rise.
Because of the excitement surrounding the CAPEX expansion on Dalal Street, Tanla Platforms' share price has been rising for the past two sessions. Stocks of fertilizer were bought after the Government of India (GoI) offered sops for the fertilizer companies. With the lowest PE, the stock appears to be strong based on the chart pattern. Thus, it is anticipated that the rally will go on," Ojha stated.
On a closing basis, he thinks Tanla Platform's share price is about to make a new breakout at ₹812. Should this occur,In the short run, we anticipate that the stock will reach ₹875 to ₹890 a share, and in the medium term, we anticipate ₹1000," Ojha continued.
Jigar S. Patel, Senior Manager of Technical Research at Anand Rathi, echoed the same upbeat tone, stating that Tanla Platforms' stock has created a solid double bottom pattern on the chart along with a bullish RSI divergence, suggesting a possible trend reversal.
"This technical setup demonstrated strong bullish momentum with an astounding 12% increase in a single trading session. The stock's technical prognosis has been further strengthened by its reversal from a significant prior breakthrough zone," Patel continued.
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