intraday analysis of Tata Communications Ltd
### **Key Intraday Levels**:
1. **Resistance Levels**:
- ₹1,860: Immediate resistance (near current price action).
- ₹1,890-₹1,900: Strong resistance (if momentum continues upward).
2. **Support Levels**:
- ₹1,835: First intraday support (gap-fill target).
- ₹1,800: Key psychological level and next support.
3. **Critical Zone**:
- ₹1,835 to ₹1,850 is the critical zone where price action should be monitored closely for potential reversals.
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### **Intraday Strategy**:
#### **Bullish Scenario**:
- **Buy Trigger**: If price breaks and sustains above ₹1,860 with good volume.
- **Target 1**: ₹1,875
- **Target 2**: ₹1,890
- **Stop Loss**: ₹1,845
#### **Bearish Scenario**:
- **Sell Trigger**: If the price breaks below ₹1,835 with strong bearish momentum.
- **Target 1**: ₹1,820
- **Target 2**: ₹1,800 (gap-fill completion)
- **Stop Loss**: ₹1,850
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### **Indicators to Monitor**:
1. **VWAP (Volume-Weighted Average Price)**:
- Use VWAP to identify intraday trend bias. Price above VWAP = bullish bias; price below VWAP = bearish bias.
2. **RSI (Relative Strength Index)**:
- Overbought (>70): Watch for reversals or consolidation.
- Oversold (<30): Look for a potential bounce.
3. **Volume Analysis**:
- A breakout/breakdown with high volume is more likely to sustain.
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### **Additional Tips for Intraday**:
- **Avoid chasing the price** near the open; wait for the first 15-30 minutes to identify the trend.
- If the price consolidates in a narrow range near ₹1,850, be prepared for a breakout or breakdown.
- Keep a close eye on broader market trends (Nifty50, sector performance) for additional cues.
