Tata Power Company Ltd

NSE :TATAPOWER   BSE :500400  Sector : Power Generation & Distribution

TATA POWER COMPANY share jumped over 12 percent intraday on June 9 after CCI cleared Tata Power’s acquisition of stakes in three Odisha power utilities.

Closed with gains of 6.5% on NSE at 124.65. Tata Power Company’s proposed purchase of 51 percent stake each in three power utilities in Odisha has been cleared by fair trade regulator CCI.

What’s Ahead? Technical outlook of TATA POWER:

Stock has outperformed Nifty, comparative relative strength indicator shows bullishness in the stock. Stock on 9th June 2021 has seen sell off from Intraday high of 132.70, Yesterday stock closed above previous resistance level of 114 which will act as support of the stock.

Above is the monthly chart of TATAPOWER and can be clearly observed that the stock has resistance level at 135- 142 zone. As stock in news has already rallied we suggest Intraday traders to stay away from the stock as it can trade volatile in the next couple of trading sessions.

For long term investors there lies the opportunity to accumulate stock on correction. Best buying levels for the stock are 114-120 and upside targets are 135 & 142. Stock needs to cross and decisively close above 142 levels for further up move.