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The short-term outlook for Tejas Networks is bullish. The stock has surged over 6 per cent on Tuesday. This has brought the narrow consolidation that was in place over the last couple of week. It also marks the beginning of a new leg of upmove. Strong support is in the broad ₹720-700 region which can limit the downside. Intermediate dips are likely to get fresh buyers at lower levels.
Tejas Networks share price can rise to ₹720-725 over the next two three weeks. Traders can go long at current levels. Accumulate on dips at ₹730. Keep the stop-loss at ₹705. Trail the stop-loss up to ₹765 as soon as the stock moves up to ₹780. Move the stop-loss further up to ₹785 when the price touches ₹800. Exit the long positions at ₹815.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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