In the dynamic world of stock markets, certain stocks capture the attention of investors with their astonishing price movements.
One such stock is TTML (Tata Teleservices Maharashtra Limited), which witnessed a dramatic rally in 2021, soaring over 10,000% from a mere Rs.2.9 to a remarkable high of Rs.290 within a span of 65 weeks.
However, as the law of gravity dictates, what goes up must come down. The stock subsequently experienced a significant correction, falling over 80% from its peak.
On the 2Week (2W) chart, TTML appears to have found a new base at the 2008 high of Rs.56, potentially the bottom at the resistance turn support.
The ability of the stock price to stabilize at this level suggests that buyers are stepping in, signaling a potential reversal of the downtrend and a resumption of the stock's upward trajectory.
Is it the Beginning of a New Roller Coaster Ride?
The recent price action and the establishment of a new base at Rs.56 for TTML indeed raise the question of whether another roller coaster ride is on the horizon. While it is tempting to anticipate a new rally, it is important to exercise caution. Past performance does not guarantee future results, and stock market investments always carry inherent risks.
As investors, it is crucial to approach such situations with a balanced perspective, conducting thorough research and analysis, and employing risk management strategies. Only time will tell if TTML's stock is truly embarking on another roller coaster ride or if it will chart a different course altogether.