Technical Analyst, E Mathew is of the view that Tata Teleservices (Maharashtra), once markets are able to work on all the supply at Rs 40, then only could one can even think of the stock running up to the Rs 53 or Rs 54 which incidentally again is a tough resistance zone.

Mathew told CNBC-TV18, "Tata Teleservices (Maharashtra), this is the stock which has flattered to deceived several times but yet again there is hope now and technically there does seem some sot of hope coming and I would like this stock to stay consistently around Rs 40 and we could see a very nice breakout if the stock is able to sustain above Rs 40 because obviously it does indicate that a lot of people are trapped at about that Rs 40 zone and once we are able to work on all the supply at Rs 40, then only could we even think of the stock running up to the Rs 53 or Rs 54 which incidentally again is a tough resistance zone."

He further added, "All in all I would say that that it is a stock in which one has to keep a lot of patience and maybe at higher levels, its from the house of Tata’s so the pedigree is impeccable but unfortunately this is a stock which people have been holding on for the last 3-4 years quite a few people are running out of patience."

Disclosure: Mathew Easow & Associate Companies do not hold any of the stocks discussed today.