5 lesser-known Tata Group shares have surged up to 90% in 2024; what next?
Source: Business Standard
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In a bull market like the present one, there will always be valuation concerns. But great companies like the ones Ratan Tata built will create wealth for investors in the long run, the note stated.
Among the Tata Group firms, flagship company TCS has surged more than 12 per cent. The company is scheduled to announce its Q2 results today. Trent with a gain of 169 per cent is the top gainer so far in this calendar year. Voltas and Indian Hotels are the other key movers – up 82 per cent and 58 per cent, respectively.
These apart, there are 5 lesser-known Tata Group stocks that too have outperformed the Nifty 50 so far this year. TRF has zoomed nearly 20 per cent. Automotive Stampings and Assemblies has soared 75 per cent. Oriental Hotels, Tejas Networks and NELCO have gained 45 per cent, 35 per cent and 25 per cent, respectively.
Against this background, here a technical outlook on 5 lesser-known Tata Group stocks:
TRF
Current Price: Rs 529
Upside Potential: 19.1%
Support: Rs 510; Rs 499
Resistance: Rs 533; Rs 603
TRF was locked at the 10 per cent upper circuit at Rs 529 in trades today. In the process, the stock has given a breakout above its super trend line on the daily scale. The stock, however, is seen trading near its key 100-DMA (Daily Moving Average) resistance at Rs 533.
TRF stock will need to break and sustain above the 100-DMA in order to extend the up move. On the upside, the stock can potentially rally to Rs 630 levels, with interim resistance seen at Rs 603.
Automotive Stampings and Assemblies (ASAL)
Current Price: Rs 735
Upside Potential: 20.4%
Support: Rs 722
Resistance: Rs 770; Rs 805
After a stellar run till July 03, shares of Automotive Stampings have taken a U-turn and corrected considerably. The stock now trades almost 36 per cent lower when compared to its peak of Rs 1,095. Despite this, the stock is still up 75 per cent for the calendar year.
However, on the weekly chart, Automotive Stampings seems to be seeking support around its super trend line at Rs 722. As long as this support holds, the stock may look to revive or at least stage a short-term pullback. On the upside, the stock can jump to Rs 885; with interim resistance seen at Rs 770 and Rs 805 levels.
Oriental Hotels
Current Price: Rs 177
Upside Potential: 13%
Support: Rs 172
Resistance: Rs 186; Rs 191
Oriental Hotels stock gave a fresh breakout in late August, and since then the stock has been making higher highs and higher lows on the daily scale. At present, the stock is seen trading near its 20-DMA support of Rs 172; below which near support exists at Rs 168.
Tejas Networks
Current Price: Rs 1,199
Downside Risk: 15.8%
Support: Rs 1,059
Resistance: Rs 1,295
NELCO
Current Price: Rs 1,020
Upside Potential: 24%
Support: Rs 926
Resistance: Rs 1,070; Rs 1,120
Key momentum oscillators have turned favourable on the daily scale for NELCO in recent trading days. Hence, the stock is likely to attempt a pullback in the near-term. On the upside, the stock can potentially rally to Rs 1,265 levels; with interim resistance seen at Rs 1,070 and Rs 1,120.
First Published: Oct 10 2024 | 12:09 PM IST
