On Thursday, January 2, Tanla Platforms’ stock rose 6% in early morning trading due to strong counter trading. The increases bring the total advances to 18 per cent in just two days, following a nearly 12 per cent rally in Tanla Platforms’ share price during the trading session on New Year’s Day.
At 10.20 am, there were 4.63 lakh Tanla Platforms shares traded on the BSE, which is almost four times more than the 1.24 lakh shares that were moved on average over the previous two weeks.
In contrast to its last closing on the BSE, Tanla Platforms’ shares opened today’s session at ₹750.45. As a result, the stock increased 5.6% from its previous close to reach the day’s high of ₹794.
Two sessions ago on December 31, 2024, the stock fell to its 52-week low of ₹660.50. However, on January 12, 2024, it reached its 52-week high of ₹1,248.40.
Investor value has been eroded by Tanla Platforms’ stock, which has increased 11% in the last month but has dropped 29% in the last year.
Can Tanla Platforms shares rally more?
Technical analysts say there is a good chance that Tanla Platforms’ stock will continue to rise.
Hensex Securities’ AVP of Research, Mahesh M. Ojha, credited the capex expansion fervour on Dalal Street with driving the Tanla Platforms share price increase. He claims that the stock appears to be strong based on chart patterns and may continue to rise.
“Tanla Platforms’ share price has been ascending for the last two sessions due to the buzz about the CAPEX expansion on Dalal Street. The Government of India (GoI) announced sops for the fertilizer companies, which triggered buying in the fertilizer stocks. The stock looks strong in the chart pattern, trading at the lowest PE. So, the rally is expected to continue further,” said Ojha.
On a closing basis, he thinks Tanla Platform’s share price is about to make a new breakout at ₹812. According to Ojha, if this occurs, the stock should reach ₹875 to ₹890 per share in the short term and ₹1000 per share in the medium term.
Jigar S. Patel, Senior Manager of Technical Research at Anand Rathi, echoed the same upbeat tone, stating that Tanla Platforms’ stock has created a solid double-bottom pattern on the chart along with a bullish RSI divergence, suggesting a possible trend reversal.
“This technical setup resulted in an impressive 12 per cent surge in a single trading session, highlighting significant bullish momentum. The stock has reversed from a key previous breakout zone, further strengthening its technical outlook,” added Patel.
