📉 Tejas Networks Ltd. – Testing Multi-Year Support Zone

Tejas Networks is currently hovering near a long-term structural support zone after a steep correction from its highs. The price has reached a major confluence area marked by the 2021 breakout region (~₹520–₹550) and a rising long-term trendline — suggesting a potential base formation zone in progress. 🔹 Technical Overview Structure: Retesting 2021 breakout support (highlighted orange band). Trend: Long-term uptrend intact above ₹500 zone. Trendline: Price resting near rising green trendline from 2021 lows. RSI: Oversold territory (around 34) and forming a base in a tight range box — early sign of momentum stabilization. Volume: Light volumes recently, typical during bottoming phases. OBV: Flat to slightly declining, reflecting lack of strong participation yet but not distribution either. 🔹 Interpretation ✅ Price has returned to a strong demand zone where previous rallies began. ✅ RSI shows potential bullish base divergence, hinting at possible momentum recovery. ✅ A break and close above the short-term trendline (~₹580–₹600) could confirm trend reversal. ⚠️ Sustained trade below ₹500 would weaken this support structure. 🟢 View Price is deep in value zone and approaching key technical inflection. A sideways-to-up move is likely as long as ₹500 holds. Early signs of strength above ₹580 may attract volume and confirm bottoming formation. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)