Tata Comm has support at Rs 462: H Kapadia
Hemen Kapadia of Chartpundit.com is of the view that Tata Communications has strong support at Rs 462.
Kapadia told CNBC-TV18, “I have a hold on Idea cellular because we had an intermediate uptrend. The indicators are supporting it move. It is above short and medium term moving averages, so we have an established uptrend but we are in a matured uptrend.”
He further added, “In terms of Tata Communications yes I think it makes a slightly interesting reading. For the last three weeks in a row we have not gone below Rs 462. So, Rs 462 becomes a very strong support as of now. Once we have taken a support of 55 week moving average we were in an upward bar reversal yesterday. I think short to atleast a medium term would be fairly difficult but short term yes I think the bounce is on and we are going to distinctly make further headway on the upside in Tata Communications.”