Tata Communications may hit Rs 450-460: Sahil Kapoor

Sahil Kapoor of Edelweiss Financial Services told CNBC-TV18, "In Tata Communications, Rs 380-400 range was an excellent area of support and it has held on to that support. I think the amount of volume build up that we saw in the last one week, for about three or four days, it was completely sideways, scaling out all amount of volatility. The kind of pattern that we saw yesterday and day before, clearly signifies that bottom has been hammered out. I don’t think Tata Comm will fall below Rs 400. You can use that level as a stop loss and on the upside a retracement towards Rs 450-460 levels is quite likely."Tata Communications closed at Rs 402.30, down Rs 10.70, or 2.59 percent. It has touched an intraday high of Rs 424 and an intraday low of Rs 398.35.