Technical Analyst, E Mathew is of the view that Tata Teleservices, TTML can head up to Rs 38-40 in the near-term.

Mathew told CNBC-TV18, "Tata Teleservices has beaten down substantially. A lot of people got trapped when the stock had gone to Rs 60-64 zone, after that it has been virtually something like a freefall. However, an accumulation pattern has certainly emerged at around the Rs 21-22 zone, a lot of smart traders have got in. We have formed some sort of a higher bottom at around the Rs 25-26 zone. I see this share certainly has a scope to go to around about Rs 38-40 in the near-term. Looking beyond Rs 38-40 where quite a few people have got trapped would be a trifle ambitious."

Disclosures: Analysts associate company sold its entire holding in MALCO on Sept 10th 2008.