Technical Picks to Keep an Eye On: Tanla Platforms and Bajaj Auto

Technical analysis identifies Tanla Platforms and Bajaj Auto upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 923.80 and Rs 8,936.35 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Tanla Platforms Ltd

The daily chart of Tanla Platforms Ltd

On the daily chart, Tanla Platforms is presently showing a promising picture; the stock price is trading in a range. The stock price may resume its strong momentum-up in the coming trading sessions if it crosses and closes above the level of Rs 1,015 with the support of decent volume compared to the current volume. Volumes are dry right now and likely to rise soon.

Those considering a possible trade in Tanla Platforms might purchase the stock at the current price with a stop loss of Rs 875 on a closing basis and aim to capitalize above Rs 1,015.

The stock price is currently trading at a 50-day EMA, suggesting it is likely about to turn short-term bullish once more after seeing a volatility jump. The stock appears quite neutral when one looks at the Relative Strength Index, which is now trading at 57.18. The ADX of 11 indicates the present state of price momentum, which is moving with a low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 850. The minor upper resistance is Rs 1,015 and if the stock closes above it, then the stock may consistently trade above current levels.

Tanla Platforms Ltd. is a cloud communication provider, which engages in information technology and computer services.

Bajaj Auto Ltd

The daily chart of Bajaj Auto Ltd

Bajaj Auto Ltd’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 8,970 and may continue the uptrend from the current level if breakouts the upper trendline and 52-week high marked on the chart. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade in Bajaj Auto could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 8,700, and aim for a target above at a 52-week high.

The stock is trading around its all-important moving averages, and it is expected breakout from current consolidation. The Relative Strength Index is trading near neutral levels at 53.77. This implies there may be potential for an increase in stock price strength. The ADX, now around 13, shows low momentum and directional strength.

The level of Rs 8,630 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of Rs 9,200and trades above it.

Bajaj Auto Ltd. engages in the manufacture and market of motorcycles and three-wheeler vehicles.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.