Moschip Technologies, Tamilnad Mercantile Bank shares: Here's what charts indicate

Shares of Moschip Technologies Ltd and Tamilnad Mercantile Bank Ltd ended lower on Tuesday, with select market analysts outlining key support and resistance levels for the two stocks.

Moschip Technologies shares settled 2.81 per cent lower at Rs 202.60.

Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said the Rs 195-200 zone is likely to act as a key support for the stock.

"On the higher end, Rs 230 is likely to act as an intermediate resistance, while the Rs 245-250 zone remains a significant hurdle for any sustained recovery," he added.

AR Ramachandran, Sebi-registered research analyst at Tips2trades, stated that the stock remains bearish on daily charts with strong resistance at Rs 218. "The near-term support is placed at Rs 196," he also said.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said support is seen at Rs 200, while resistance is placed near Rs 225.

"A decisive move above Rs 225 could trigger a further upside towards Rs 230. The stock is expected to trade within the Rs 200-230 range in the short term," Patel added.

Meanwhile, Tamilnad Mercantile Bank shares declined 1.07 per cent to settle at Rs 883.25.

Commenting on the stock, Angel One's Krishan said Tamilnad Mercantile Bank continues to trade in a strong uptrend but appears stretched on technical indicators.

"The stock continues to remain in a strong secular uptrend, trading near its lifetime highs. However, it appears stretched on technical parameters, making the current risk-reward profile less favorable for fresh entries. On the downside, the Rs 840-820 zone is expected to provide immediate support, followed by Rs 780. As long as the prevailing momentum remains intact, investors are advised to trail stop-losses higher to protect gains," he said.

Tips2trades' Ramachandran said the stock is bullish but slightly overbought on daily charts with next resistance at Rs 927. Investors should keep booking profits as a daily close below the support of Rs 837 could trigger a fall towards Rs 789 in the near term," he noted.

Patel of Anand Rathi said the stock has support at Rs 850 and resistance around Rs 900.

"A decisive move above Rs 900 could trigger a further upside towards Rs 920. The stock is expected to trade within the Rs 850-920 range in the short term," he added.