Equity Alert: Tata Comm rises 1%; resistance seen at 480 rupees
MUMBAI--12:50PM--Shares of Tata Communications were up 1% at 464
rupees,
helped by short covering ahead of expiry of September futures
Thursday, said
dealers.
Tata Communications' September futures were trading at a 2-rupee
premium
to spot price with a 5% fall in open interest. So far, 146,952 shares
have
been traded on NSE cash segment.
"Technical intra-day support for the stock is seen at 457.90
rupees and
then at 452.95 rupees," said Suresh Kumar Iyer, technical analyst at
Asit C.
Mehta Investments and Intermediaries.
Resistance is seen at 472.50 rupees and then 479.90 rupees, said
Iyer,
adding that on the charts, Tata Communications is looking "over
bought" in
the short term.
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