Techno Funda – TCI Express Ltd.

TCI  Express is engaged in express distribution and first and last mile delivery services provider. Its services include surface express, domestic and international air express, pharmaceutical, retail, engineering, apparel, cold chain express service and customer to customer (C2C) express, E-com express. It comprises of approximately 500 express routes, 2,500 feeder routes, 40,000 pickup and delivery points, and 5,000 containerized vehicles.

Long term trend of the stock is up but from last couple of week stock is continuously declining and corrected more than 35% percent from its 52 week high. Earlier the stock had broken a major weekly support that was 1600 but unable to sustain breakdown and bounce back from lower level and now it’s trading above its previous support. Last Friday, stock close at it resistance supported with volume which show bullishness of the stock. If the stock break this level the sharp rally expected in few days and can go at higher level towards 52 week high. The stock from this level indicates positive strength. RSI has also confirmed that it can rebound from the current level. Going ahead, we can expect good moment in stock. So one can initiate buy at current level that is 1650 and can accumulate between 1580-1600 level with a stop loss of 1540  and respected target seems up to 1810-1830 level. Time frame should be 4-6 weeks.

Source: Capitaline Database, EWL Research, Reuters

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